Oaktree Capital Group's assets under management reached a high of $91.1 billion for the quarter ended June 30, up 5.7% from the first quarter of 2014 and up 19% from June 30, 2013, said Oaktree's quarterly report released Thursday.
Management-fee generating assets under management were up to $77.8 billion for the second quarter, up 5.1% from March 31 and up 20% from a year ago.
GAAP net income was $31.2 million for the second quarter, down from $56.6 million in the year-earlier quarter.
Management fees grew to $189.1 million for the second quarter, up from $182.5 million for the second quarter of 2013. The increase included $18.3 million from the start of OCM Opportunities Fund IX on Jan. 1; $7.2 million from net inflows and market-value gains from Oaktree's open-end funds; $5.1 from new capital commitments to Oaktree Real Estate Opportunities Fund VI; $2.3 million from drawdowns by Strategic Credit; and $1.4 million from closed-ends funds for which management fees are based on drawn capital or NAV.
Offsetting the increases was a $25.2 million decline in fees from closed-end funds in liquidation.
During the same period, incentive income decreased while investment income increased. Incentive income, which is based on profits, decreased to $59.2 million for the second quarter from $338.1 million for the quarter ended June 30, 2013.
Meanwhile, investment income rose to $54.2 million for the second quarter from $34.6 million for the second quarter of 2013.