(Reuters) – KKR reported a jump in first-quarter profit on Thursday, buoyed by higher fees and solid gains in its insurance business.
The results reflect the structural advantage held by large alternative asset managers, which can generate hundreds of millions in management fees even when asset sales are muted.
“Volatility can yield attractive investment opportunities, and we’re encouraged by our positioning given our global footprint,” co-CEOs Joseph Bae and Scott Nuttall said in a statement.
The global investment giant’s adjusted net income was $1.03 billion, or $1.15 per share, for the three months ended March 31, compared with $863.7 million, or 97 cents per share, a year ago.
(Reporting by Niket Nishant in Bengaluru; Editing by Arun Koyyur)
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