Looking back on asset management stocks’ Q1 earnings, we examine this quarter’s best and worst performers, including Carlyle (NASDAQ: CG) and its peers.

Asset management firms oversee investment portfolios for institutions and individuals. The industry benefits from the growing global wealth pool, retirement savings needs, and expansion into alternative investments (private equity, real estate, etc.). However, firms face significant pressure from the shift to lower-cost passive investment products, regulatory requirements for fee transparency, and increasing technology costs to stay competitive in portfolio management and client service.

The 5 asset management stocks we track reported a mixed Q1. As a group, revenues missed analysts’ consensus estimates by 1.8%.

While some asset management stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 2% since the latest earnings results.

Weakest Q1: Carlyle (NASDAQ: CG)

Founded in 1987 with just $5 million in capital and named after the iconic New York hotel where the founders first met, The Carlyle Group (NASDAQ: CG) is a global investment firm that raises, manages, and deploys capital across private equity, credit, and investment solutions.

Carlyle reported revenues of $750.9 million, down 28% year on year. This print fell short of analysts’ expectations by 13%. Overall, it was a softer quarter for the company with a significant miss of analysts’ revenue and AUM estimates.

Carlyle delivered the weakest performance against analyst estimates and slowest revenue growth of the whole group. Unsurprisingly, the stock is down 3.2% since reporting and currently trades at $49.15.

Read our full report on Carlyle here, it’s free.

Best Q1: TPG (NASDAQ: TPG)

Founded in 1992 and managing over 300 active portfolio companies across more than 30 countries, TPG (NASDAQ: TPG) is a global alternative asset management firm that invests across private equity, credit, real estate, and public market strategies.

TPG reported revenues of $570 million, up 20.7% year on year, outperforming analysts’ expectations by 5.2%. The business had an exceptional quarter with a beat of analysts’ EPS and revenue estimates.

TPG pulled off the biggest analyst estimates beat among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 1.8% since reporting. It currently trades at $43.42.

Is now the time to buy TPG? Access our full analysis of the earnings results here, it’s free.

Ares (NYSE: ARES)

With roots in the leveraged finance group of Apollo Management, Ares Management (NYSE: ARES) is an alternative investment firm that manages private equity, credit, real estate, and infrastructure assets for institutional and high-net-worth clients.

Ares reported revenues of $1.27 billion, up 26.2% year on year, falling short of analysts’ expectations by 2.3%. It was a softer quarter as it posted a miss of analysts’ revenue and EPS estimates.

Interestingly, the stock is up 5% since the results and currently trades at $123.27.

Read our full analysis of Ares’s results here.

Artisan Partners (NYSE: APAM)

Founded in 1994 with a focus on autonomous investment teams and a "high-value-added" approach, Artisan Partners (NYSE: APAM) is an investment management firm that offers actively managed equity and fixed income strategies to institutional and individual investors.

Artisan Partners reported revenues of $303 million, up 9.3% year on year. This result met analysts’ expectations. Aside from that, it was a slower quarter as it logged a significant miss of analysts’ EPS estimates and revenue in line with analysts’ estimates.

The stock is down 2.5% since reporting and currently trades at $36.89.

Read our full, actionable report on Artisan Partners here, it’s free.

Blackstone (NYSE: BX)

With over $1 trillion in assets under management and investments spanning real estate, private equity, credit, and hedge funds, Blackstone (NYSE: BX) is a global alternative asset manager that invests capital on behalf of pension funds, sovereign wealth funds, and other institutional investors.

Blackstone reported revenues of $3.46 billion, up 24.2% year on year. This number beat analysts’ expectations by 1.4%. Overall, it was a satisfactory quarter as it also logged a narrow beat of analysts’ AUM estimates.

The stock is down 7.5% since reporting and currently trades at $120.01.

Read our full, actionable report on Blackstone here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

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