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MONEY MANAGEMENT

Oaktree’s AUM up slightly for quarter, year

Oaktree Capital Group's assets under management totaled $100.5 billion as of Dec. 31, ticking up 1% from three months earlier and up 3% from a year earlier, said the alternative investment firm's financial results released Tuesday.

Gross capital raised of $4.7 billion for the quarter and $11.6 billion for the year helped boost Oaktree's AUM. Oaktree's uncalled capital commitments totaled $20.8 billion as of Dec. 31.

Oaktree's net income under GAAP was $59.3 million for the quarter, up from $58.3 million for the third quarter and $11.4 million in the fourth quarter of 2015. Oaktree attributed the increases, in part, to higher profits in their business units.

Management fees totaled $192.6 million in the fourth quarter, up 2.6% from the fourth quarter of 2015. The growth was due in part to a $29 million total increase from the start of their respective investment periods for Oaktree Opportunities Fund X and Oaktree Real Estate Opportunities Fund VII. This was partially offset by a $24.1 million drop primarily attributable to the liquidation of closed-end funds. Distributions to closed-end fund investors included $2.8 billion from control investing funds, $2.6 billion from real estate funds and $1.6 billion from distressed debt funds.

Performance fees increased to $71.2 million in the fourth quarter, up 116% from $32.9 million in the fourth quarter of 2015.

Investment income increased to $87.6 million in the fourth quarter, vs. a loss of $8.6 million in the fourth quarter of 2015. The increase primarily reflected higher overall returns on fund investments. Oaktree's one-fifth ownership stake in money manager DoubleLine Capital accounted for investment income of $16.8 million.