Carlyle reported a roughly 80% drop in net income during the quarter ending 31 December from the same period a year ago, while its total assets grew to $373bn, thanks largely to growth in its global credit strategy.

The Washington-based firm, which on 6 February named Goldman Sachs veteran Harvey Schwartz as its new chief executive, posted fourth-quarter net income of $127.2m, or 35 cents a share, compared with $647.6m, or $1.77 a share, in the comparable period a year earlier.