Wednesday, 27 May 2015
Last updated 1 hour ago
Nov 4 2011 | 10:26am ET
Alternative investments giant Apollo Global Management swung to a third-quarter loss—its first quarterly loss as a publicly-traded company.
The New York-based firm said its pretax economic net income, which excludes costs related to its March initial public offering, was a $1.14 billion loss. In the year earlier period, Apollo earned $315.3 million.
Apollo's loss can be almost entirely attributed to its share of its private equity funds' losses on the quarter: The firm's carried interest was a $1.16 billion loss on write-downs of almost $1.4 billion.
The firm's assets under management dropped by more than $6 billion on the quarter to $65.1 billion, despite a $500 million mandate from a sovereign wealth fund it announced yesterday.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by partcipating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…