Thursday, 5 March 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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…