Oaktree Capital prospers again

 
Michael Bow
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ASSET manager Oaktree Capital yesterday said its giant 2008 debt fund continued to propel profits at the firm, after a 63 per cent rise in second quarter revenue.

The company, led by chairman Howard Marks, said incentive income – the main driver of revenues – rose to $338m (£220m) for the second quarter, with 80 per cent of this coming from its old $11bn Opportunities Fund VIIIb.

Economic net income, a common measure of profitability, rose to $172.6m, from $103.6m.

Oaktree, based in Los Angeles, invests mostly in distressed and corporate debt. It manages $76.4bn.