NEW YORK (TheStreet) -- Two ofKKR's (KKR) - Get Reportsenior executives, David Liu and Julian Wolhardt, announced late yesterday they would step down from the company by the end of the year to create a China-focused investment firm.
Liu is the head of China and co-head of Asian private equity while Wolhardt is a partner at the New York-based global investment firm.
Ming Lu will take over as sole head of private equity for Asia and as the interim head of China.
Liu and Wolhardt both joined the company in 2006. They have been investing in China for nearly two decades and were instrumental in many of KKR's most successful investments in the country, Bloomberg reports.
KKR is currently planning to launch its third Asian fund by the end of the year, which the firm hopes could raise as much as $7 billion, according to sources cited by Bloomberg.
Shares of KKR were higher in late morning trade on Tuesday.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "hold" with a ratings score of C.
Among the primary strengths of the company is its expanding profit margins over time. At the same time, however, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity.
You can view the full analysis from the report here: KKR