Global private investment giant KKR & Co has reported a 23% fall in second quarter earnings compared with the same period last year, but the company’s performance remains ahead of analyst predictions, according to a report by Bloomberg.
In a statement released on Monday, the New York-based alternative asset manager reported $653 million in after-tax distributable earnings, or 73 cents a share, beating the 71 cent average estimate of analysts surveyed by Bloomberg.
Fee-related earnings rose 31% to $602 million during the quarter ended 30 June, driven by strong capital markets activity and management fees, while realised investment income from selling assets fell 58.6% to $114.7 million and realised performance income, or carried interest, fell 79.6% to $149.3 million.
KKR’s assets under management grew 6% year-over-year to $519 billion, driven by $8 billion in credit and liquid strategies.
Shares of KKR rose 4.1% to $62.59 at 11:09am in New York following the announcement.