BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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KKR & Co. Inc. Reports Strong First Quarter 2024 Financial Growth and Strategic Progress
KKR & Co. Inc. (NYSE: KKR) has released its financial results for the first quarter of 2024, demonstrating significant year-over-year growth in its key financial metrics and successful strategic developments. The global investment firm reported a 22% increase in Fee Related Earnings (FRE) and a robust 28% rise in Total Operating Earnings (TOE), reflecting its effective management and diversified investment strategies.
Key Financial Highlights
Growth in Earnings and Assets Under Management
KKR's financial achievements this quarter are noteworthy:
- Fee Related Earnings (FRE): Increased to $669 million for the quarter, which translates to a 22% year-over-year increase, with a notable lift in the last twelve months (LTM) to $2.5 billion.
- Total Operating Earnings (TOE): For the quarter, TOE reached $962 million, up by 28% from the previous year, with an LTM figure of $3.4 billion.
- Adjusted Net Income (ANI): ANI for the quarter was $864 million, a 20% increase year-over-year, although the LTM figure saw a slight decrease of 2%.
The firm's Assets Under Management (AUM) rose to $578 billion, marking a 13% increase, supported by $31 billion of new capital raised during the quarter. Fee Paying Assets Under Management (FPAUM) also saw a similar growth rate, totaling $471 billion.
Dividend and Share Performance
KKR declared a regular dividend of $0.175 per share for the quarter, which is an increase of 6% on an annualized basis from the 2023 dividend, underscoring the firm's commitment to delivering shareholder value.
Strategic Developments and Future Outlook
Acquisition and Segment Reporting
A key strategic move completed this quarter was the acquisition of the remaining minority equity interests in Global Atlantic, which significantly enhances KKR's presence in the insurance sector. The firm has also started reporting in three segments from this quarter, including the new Strategic Holdings segment, to provide clearer insights into its diversified operations.
Investment and Capital Deployment
KKR remains active in capital deployment:
- Capital Invested: The firm invested $14 billion during the quarter across various sectors.
- New Capital Raised: A significant $31 billion was raised in the quarter, contributing to the strategic expansion of its portfolio.
Performance Metrics
The firm highlighted several performance metrics:
- Perpetual Capital: Grew by 22% year-over-year, now standing at $240 billion, representing a significant portion of KKR's AUM and FPAUM.
- Dry Powder: Uncalled commitments remain high at $98 billion, providing the firm with ample capacity to capitalize on investment opportunities.
Market Position and Financial Health
KKR's strategic financial management and robust capital structure have fortified its market position. The firm's credit rating remains strong with an 'A' rating from both S&P and Fitch, reflecting its solid financial health and investment strategy.
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