Wednesday, 28 September 2016
Last updated 4 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.