Oaktree Capital Group's assets under management totaled $100.3 billion as of March 31, relatively flat from Dec. 31 and up 3.5% from a year earlier, according to the alternative investment firm's earnings report released on Thursday.
Oaktree attributed the $200 million AUM decrease in the quarter to in distributions to closed-end fund investors and net outflows from open-end funds. They were mostly offset by market value gains and new capital for closed-end funds.
The year-over-year AUM increase was attributed mainly to $8.9 billion in market gains and $6.1 billion of capital inflows to closed-end funds. These were partially offset by $8.3 billion in distributions to closed-end fund investors, $1.5 billion of net outflows from open-end funds, $1.1 billion of uncalled capital commitments for closed-end funds in liquidation and $700 million of unfavorable foreign-currency translation.
GAAP net income for the quarter was $54.9 million, up from $59.3 million in the prior quarter and $28.1 million in the year-earlier period.
Management fees were $180.9 million, up from $192.6 million in the fourth quarter and down 9% from the first quarter of 2016. Incentive income was $108.7 million, up from $71.2 million from the prior quarter, and up 94% from $55.9 million in the year-earlier period.