Carlyle's profit climbs on fee growth, record assets under management

May 8 (Reuters) - Global investment firm Carlyle Group CG.O posted a 5.6% growth in first-quarter profit on Thursday, helped by higher fees as its assets under management climbed to a record.

Distributable earnings, which measures cash that can be returned to shareholders, was $455.4 million, or $1.14 per share, for the three months ended March 31. That compares with $431.3 million, or $1.01 per share, a year earlier.

While markets have been volatile for most of the year because of economic uncertainty and U.S. President Donald Trump's tariff rhetoric, large asset managers such as Carlyle have navigated the environment with relative ease.

Their portfolio of investments can fetch millions in management fees, providing stability even when exit opportunities are scarce, and allowing them to capitalize on disruptions and snap up assets at a bargain.

Carlyle's fee-related earnings rose 17% to a record $310.6 million. Fund management fees grew 2% while transaction and portfolio advisory fees — which it earns from arranging capital markets deals for its portfolio companies and other clients — jumped nearly three-fold.

AUM was $453 billion, up 6% from a year earlier, thanks to growth in its global credit segment and in AlpInvest, its secondary investments unit.

The Washington, D.C.-based company recorded inflows of $14.2 billion. It deployed $11.1 billion and had $84 billion available for investment.

So far this year, Carlyle shares have dropped nearly 21%. Peers Blackstone BX.N, KKR KKR.N and Apollo APO.N have fallen 21%, 21.4% and 21.7%, respectively.