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Money Management

Oaktree AUM slips 3.2% for quarter and 3.5% for 2018

Oaktree Capital Group's assets under management totaled $119.6 billion as of Dec. 31, down 3.2% from three months earlier and 3.5% from the year before, according to the alternative investment firm's earnings report released Tuesday.

Oaktree attributed the decline during the fourth quarter to $2.6 billion in market value declines, $1.8 billion of distributions to closed-end investors, $1 billion of net outflows from open-end funds and $500 million from its 20% interest in fixed-income manager DoubleLine Capital. These losses were partially offset by $2.2 billion in new capital commitments to closed-end funds. New commitments to closed-end funds during the fourth quarter included $1.4 billion to Oaktree Power Opportunities Fund V and $500 million to collateralized loan obligation vehicles.

The firm had uncalled capital commitments of $19.5 billion as of Dec. 31, compared to $20.5 billion a year earlier.

Oaktree earned GAAP net income attributable to Oaktree Capital Group Class A unitholders was $74.5 million, up from $52.8 million in the prior quarter and $13.4 million for the fourth quarter of 2017.

Management fees were $194.4 million in the fourth quarter, down 1.3% from the third quarter and down 6.2% from the fourth quarter of 2017. Incentive income was $134.1 million in the fourth quarter, up 80.1% from $74.5 million in the prior quarter and up 82.4% from $73.6 million for the fourth quarter of 2017.