Friday, 31 October 2014
Last updated 13 hours 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.