Oaktree Capital Group reported $90.8 billion in assets under management as of Dec. 31, down 2.6% from three months earlier, but up 8.6% from a year earlier, the firm said in its quarterly report released Monday.
Management fee-generating AUM also fell to $78.1 billion as of Dec. 31, down 1.3% from Sept. 30's record high of $79.1 billion but up 8.5% from Dec. 31, 2013.
GAAP net income was $24.4 million for the fourth quarter, down from $64.9 million from the fourth quarter of 2013.
Management fees fell to $192.5 million in the fourth quarter, a 2.6% drop from the fourth quarter of 2013. The company attributed the drop to the prior year period's $12.5 million in deferred fees from Oaktree Mezzanine Fund III and $5.3 million in retroactive management fees from Oaktree Real Estate Opportunities Fund VI.
Incentive income, which is based on profits, fell to $53 million for the fourth quarter, down from $242.5 million in the same period a year earlier.
Investment income also fell, to $19.3 million for the fourth quarter of 2014, down from $88.5 million from the same quarter the year before.
