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KKR Moves to Corporation to Win More Investors; Shares Surge

  • Becomes second major asset manager after Ares to make shift
  • Move will broaden investor base, simplify structure, firm says
Bloomberg business news
Bloomberg’s Jason Kelly discusses KKR’s changing from a partnership to a corporation. (Source: Bloomberg)
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KKR & Co. will convert to a corporation from a partnership, seeking to capitalize on tax reforms enacted by the Trump administration and win more mutual fund and ETF investors. The shares surged.

The new structure will take effect July 1, New York-based KKR said in a statement announcing first-quarter earnings Thursday. The firm expects to pay an annualized dividend of 50 cents per common share in the third quarter and immediately increased its share buyback program to $500 million.