Updated with correction.
Hamilton Lane reported $64.3 billion in assets under management as of June 30, up 5.2% from last quarter and up 13.4% from from a year ago, the private markets money manager reported in an earnings release on Tuesday.
In a news release announcing the manager's earnings for the first quarter of its fiscal year 2020, CEO Mario Giannini said the increase came from a combination of "re-ups from existing clients, new clients, growth within our existing funds and new specialized funds."
Assets under advisement totaled $409 billion as of June 30, down 3.1% from three months earlier and down 1.4% from June 30, 2018.
Management and advisory fees for the quarter ended June 30 were $60.6 million, up 4.5% from the quarter ended March 31 and up 18.8% from the quarter ended June 30, 2018. Incentive fees were $4.1 million, down 54.3% from the quarter ended March 31 and down 66.8% from the year-over-year quarter.
GAAP net income for the quarter ended June 30 totaled $11.4 million, up 41.4% from the quarter ended March 31 and up 28.7% from the year-over-year quarter.