Wednesday, 24 August 2016
Last updated 17 hours ago
Nov 6 2013 | 11:55am ET
The Carlyle Group's third-quarter profit dropped 21% on lower performance fees and fewer investment exits.
The Washington, D.C.-based private-equity giant said its economic net income fell to $160.2 million from $203.6 million last year. Under generally-accepted accounting principles, the decline was even steeper: 88%, to just $2.3 million. Distributable earnings fell by almost half to $105 million; Carlyle will pay a 16-cent dividend for the quarter.
Carlyle said its private-equity funds returned 5% in the third quarter. Overall, all of its performance-fee-earning assets rose 4% on the quarter and are up 13% on the year.
Assets under management at the firm inched up to $185 billion from $180.4 billion.