Oaktree Capital Group’s assets under management rose to $93.2 billion for the quarter ended Sept. 30, up 2.3% from the second quarter of 2014 and up 16.8% from Sept. 30, 2013, said Oaktree’s quarterly report released Thursday.
Management-fee-generating assets under management reached a record high of $79.1 billion for the third quarter, up 1.7% from June 30 and up 18.2% from a year ago.
GAAP net income was $18.9 million for the third quarter, down from $42.9 million in the quarter ended Sept. 30, 2013.
Management fees rose to $194.5 million for the third quarter, up from $185.6 million from the year-earlier quarter, despite a $30.8 million decline in fees attributable to closed-end funds in liquidation and retroactive fees from the close of Oaktree Real Estate Opportunities Fund VI in the third quarter of 2013.
Offsetting the decline was an aggregate increase of $39.7 million in fees from the start of Oaktree Real Estate Opportunities Fund IX’s investment period on Jan. 1; net inflows and market-value gains in open-end funds; the acquisition of infrastructure manager Highland Capital; and closed-end and evergreen funds for which management fees are based on drawn capital.
During the same period, incentive and investment income decreased. Incentive income, which is based on profits, fell to $86.3 million for the third quarter, down from $122.4 million in the year-earlier quarter.
The firm reported a loss of $2.4 million in investment income, down from income of $53.6 million in the third quarter of 2013.
