KKR & Co LP on Thursday reported fourth-quarter profit that soared by 127 percent, beating most analysts' expectations, as the value of its private equity portfolio rose and it earned more fees from its credit investments. KKR said that its private equity assets appreciated 8.4 percent in the quarter, buoyed by a stock market rally that also drove the value of peer Blackstone Group LP's private equity portfolio up by 11.5 percent.Economic net income (ENI), KKR's headline earnings metric that takes into account the mark-to-market valuation of its assets, was $789.6 million in the fourth quarter of 2013, up from $347.7 million in the fourth quarter of 2012, the New York-based firm said.This translated into after-tax ENI of $1.08 per adjusted share versus the average 89 cents forecast by analysts in a Thomson Reuters poll. KKR's principal investments, which originate from its balance sheet, contributed almost as much to this result as its private equity funds.Huge by industry standards, the size of KKR's balance sheet is the legacy of the firm's merger in 2009 with KKR Private Equity Investors, a fund vehicle whose listing KKR transferred to New York from Amsterdam in 2010.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX fell by 0.53% or $-0.17/share to $31.17. In the past year, the shares have traded as low as $17.63 and as high as $33.41. On average, 4594970 shares of BX exchange hands on a given day and today's volume is recorded at 4457277.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI traded higher by 0.54% or $0.19/share to $35.63. In the past year, the shares have traded as low as $29.33 and as high as $38.73. On average, 637776 shares of TRI exchange hands on a given day and today's volume is recorded at 717324.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI traded higher by 0.56% or $0.22/share to $39.47. In the past year, the shares have traded as low as $29.40 and as high as $42.10. On average, 828760 shares of TRI.TO exchange hands on a given day and today's volume is recorded at 1435039.
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