Wednesday, 30 July 2014
Last updated 10 hours ago
Feb 13 2013 | 12:49pm ET
Apollo Global Management's fourth-quarter profit more than doubled as the private-equity firm took advantage of robust markets.
The New York-based firm's economic net income, excluding some costs from its 2011 initial public offering, was $655.8 million, up from $302 million in the year-earlier period. Under generally accepted accounting principles, Apollo earned $171.5 million, up from just $10.9 million in the fourth quarter of last year.
Much of the gain came from exiting investments, the firm said. Its private-equity holdings rose 9% in value on the quarter.
Apollo's assets under management rose slightly, from $109.7 billion to $113.4 billion, in the last three months of 2012.
The firm said it would pay a $1.05 per common share dividend at the end of the month.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…