Oaktree Capital marks its IPO anniversary by doubling profit

 
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PRIVATE equity group Oaktree Capital has almost doubled its quarterly earnings since floating a year ago, it announced yesterday.

The US firm, which specialises in distressed debt, said adjusted net income rose to $335.8m (£217m) in the quarter, on revenues up more than 86 per cent to $593.4m.

The firm counts a major stake in recently-floated estate agent Countrywide among its holdings.

Chairman and founder Howard Marks cheered the results yesterday. “As we mark our first anniversary of being public, Oaktree’s performance and prospects have never been better,” he said in a statement.

Assets under management stood at $78.8bn at the end of the quarter, up $900m on a year ago.