Carlyle is a sitting duck now that it doesn’t have a permanent CEO. Its founders may not want their legacy to be a sale to a rival. But BlackRock would benefit from more alternative assets, explains TheRealLSL
But this traditional business is becoming increasingly competitive, which tends to force fees lower. In the year Rubenstein and Fink chatted, BlackRock took in $1.98 in fee income per $1,000 in assets. Last year, that figure fell about 3%. Revenue made from assets invested in equities fell around 10% over that period. Overall the results would have been worse if not for so-called alternatives like private equity and infrastructure.
The trouble is that Carlyle is adrift. Efforts to transition stewardship of the firm away from its founders and towards the next generation recently failed, with successor Chief Executive Kewsong Lee
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