Carlyle CEO Says Firm Working With ‘Urgency’ to Grow, Cut Costs

Carlyle Group Inc. Chief Executive Officer Harvey Schwartzsaid he’s working with a sense of “urgency” to position the firm to grow after reporting a 43% drop in third-quarter distributable earnings.

The alternative asset manager cashed out of fewer bets than in past quarters amid a dealmaking slump across Wall Street. Profit available to shareholders totaled $367.4 million, or 87 cents a share, Washington-based Carlyle said Tuesday in a statement. That beat the 72-cent average estimate of analysts surveyed by Bloomberg.

The market climate is complicating Schwartz’s job as he seeks to steady the firm for growth, cut costs ...