Earnings drop 28pc at Carlyle

City A.M. Reporter
US ASSET manager Carlyle Group yesterday pinned a 28 per cent drop in fourth quarter earnings on exiting investments, as it relied more on company dividends to return cash to shareholders.

Carlyle said economic net income, a measure of profitability that takes into account the mark-to-market valuation of its assets, came in at $182m (£119.2m).

But the firm raised $14bn in 2012, up from $6.6bn the previous year and bringing its total assets under management to $170.2bn.