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Carlyle Group AUM declines for second straight quarter

Carlyle Group's assets under management dropped 0.9% in the quarter ended March 31 to $192.7 billion, the second quarter in a row for a decrease, the alternative money manager's earnings report showed.

Assets under management also dropped 3.1% from the previous year, said the unaudited report released Wednesday.

The change came from $7.9 billion in net distributions, $6.6 billion in foreign-exchange losses and $2.2 billion in net redemptions, offsetting $7.3 billion in market appreciation, $6.8 billion in new capital commitments and $900 million in changes in collateralized loan obligations and values of other structured products.

Fee-earning AUM totaled $129.4 billion as of March 31, down 4.6% from the previous quarter and down 8.9% from the first quarter of 2014.

Net income under U.S. generally accepted accounting principles was $40 million for the quarter, up from $16 million in the fourth quarter of 2014.

In a news release accompanying the earnings report, Carlyle said a French tax court ruling related to an exit from a transaction by Carlyle Europe Real Estate Partners I between 2007 and 2009 resulted in taxes, interest and penalties totaling €105 million ($113.5 million), which negatively affected economic income, pre-tax U.S. GAAP net income and distributable earnings.