Carlyle profit jumps on higher fees and deal proceeds
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IN SHORT
Carlyle, Legal & General, and Prudential Financial have all reported increased profits for their recent fiscal periods, driven by diverse strategic initiatives. Carlyle saw an 18% rise in distributable earnings due to higher fees and asset sale proceeds. Legal & General's operating profit grew 7% to £918m, fueled by its asset management division's expansion into private credit and growth in private markets AUM. Prudential Financial's profit increased, boosted by strong performance in its PGIM investment management business and its individual life unit, alongside overall asset growth.
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Legal & General's asset management arm expanded into private credit.
Prudential Financial reported an increase in second-quarter profit.
Prudential Financial's profit was driven by PGIM and its individual life unit.
Assets under management grew for Prudential Financial.
Carlyle has announced a significant increase in its second-quarter profit, attributing the growth to a rise in fee-related earnings and proceeds from asset sales in Japan and the U.S. The company's distributable earnings saw an 18% year-over-year increase. Transaction and advisory fees more than doubled, contributing substantially to this profit jump.
Legal & General reported a 7% increase in core operating profit, reaching £918 million for the first six months of the year. This growth was primarily driven by its asset management arm's strategic expansion into private credit. The company also highlighted growth in its private markets Assets Under Management (AUM) and continued its share buyback program.
Prudential Financial also experienced an increase in its second-quarter profit. This rise was propelled by strong performance within its global investment management business, PGIM, and its individual life unit. The company also noted an overall increase in its assets under management during the period.
↳ Why This Matters
Carlyle has announced a significant increase in its second-quarter profit, attributing the growth to a rise in fee-related earnings and proceeds from asset sales in Japan and the U.S. The company's distributable earnings saw an 18% year-over-year increase. Transaction and advisory fees more than doubled, contributing substantially to this profit jump.
Frequently asked questions
Carlyle's profit jumped due to higher fee-related earnings and proceeds from asset sales, particularly in Japan and the U.S.
Distributable earnings increased by 18% compared to the same quarter last year, reaching $1.07 per share.
Key deals included the sale of Bermuda-based specialty insurer Vantage Group and Japanese lighting products supplier Iwasaki Electric.
Carlyle's total assets under management stood at $485 billion, a 4% increase from the previous year.
What Happens Next
01Carlyle's stock performance will be monitored in relation to its peers and market trends.
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