KKR cashes in to up earnings

Michael Bow
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yesterday delivered strong cash profits despite a fall in the performance of the underlying companies and investments it owns.

The US giant said quarterly cash profits rose to $290.6m (£188.3m), up from $164.1m a year ago, after it sold billions of dollars worth of shares in companies it owns.

But a measure of profits commonly used by alternative asset managers – so called economic net income – fell 10.9 per cent to $647.7m, versus $727.2m last year.