The gains were partially offset by $2.5 billion in distributions to limited partners in closed-end funds and $1.7 billion in net outflows from open-end funds. The alternative investment firm attributed the AUM decrease in the year ended June 30 to $8.2 billion in closed-end fund distributions and uncalled commitments, $6.9 billion in net outflows from open-end funds and $400 million of unfavorable foreign currency translation. This was partially offset by $8.4 billion in capital commitments to closed-end funds, $4 billion from DoubleLine and $3 billion in market gains.
Oaktree also said that the acquisition of 62% of its business by Brookfield Asset Management was approved by Oaktree unitholders on June 25. As part of the transaction, Brookfield will acquire all outstanding Oaktree Class A shares. The Brookfield deal is expected to close in the third quarter.
Management fees were $175.1 million in the second quarter, a 7.8% drop from the first quarter and a 16.8% decline from the second quarter of 2018. Incentive income was $138.4 million in the second quarter, down 36% from the prior quarter, but a 293% increase from the quarter ended June 30, 2018.
Oaktree earned GAAP net income attributable to Oaktree Capital Group Class A unitholders was $42.4 million in the second quarter, down from $47.3 million in the first quarter, but up from $31.1 million for the second quarter of 2018.