Oaktree Capital Group reported a record $99.9 billion in assets under management as of March 31, up 10% from three months earlier and 16% year-over-year, the firm said in its quarterly report released Thursday.
Management fee-generating AUM rose to $78.5 billion at the end of March, up 0.5% from Dec. 31 and up 6% from March 31, 2014.
GAAP net income was $38.3 million in the first quarter, down from $51.8 million in the same period a year earlier.
Management fees fell to $188.1 million in the first quarter, down 0.2% year-over-year, reflecting an aggregate decrease of $17.9 million in fees primarily from closed-end funds in liquidation.
Partially offsetting the decline was an increase of $7.1 million in fees from net inflows and market-value gains in open-end and evergreen funds, and $6.2 million from the acquisition of infrastructure manager Highstar Capital.
Incentive income, which is based on profits, fell to $152.9 million in the first quarter, down 47.8% year-over-year.
Investment income, on the other hand, rose to $53.5 million in the quarter, up 15.1% from March 31, 2014.
In a conference call with investors and analysts Thursday, Bruce Karsh, Oaktree's co-chairman and chief investment officer, said Oaktree is “in the process” of evaluating parts of General Electric Co.'s finance business.
Earlier this month, GE announced it will sell the bulk of its lending unit in a sweeping move that will return the company to its industrial roots.
“First, we look at it for our funds — there may be some interesting opportunities for our funds to purchase some assets there from GE,” Mr. Karsh said. “But also Oaktree itself I think sees some interesting things as well.”
Bloomberg contributed to this story.