Friday, 24 October 2014
Last updated 18 hours ago
Oct 24 2013 | 10:23am ET
Kohlberg Kravis Roberts' third-quarter profit topped analysts' estimates with a 20% gain and better returns than its private-equity rivals.
New York-based KKR said its economic net income for the quarter was $613.7 million, up from $509.9 million in the year-earlier period. The figure was enough to easily top expectations, which called for a per-share adjusted profit of 59 cents, rather than the 84 cents the firm actually posted.
KKR said its private-equity funds returned 5.9% in the quarter, well ahead of both the Blackstone Group and the Carlyle Group. The firm invested $1.8 billion during the quarter, its most active in almost two years. Assets under management rose 8% to $90.2 billion.
Credit proved the one black mark on the quarter, with the business' economic net income falling 19% on the quarter. KKR blamed lower fee revenue, weaker returns and high fundraising costs.
KKR said it would pay a 23-cent third-quarter dividend.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...