Tuesday, 29 July 2014
Last updated 19 hours ago
May 6 2013 | 3:09pm ET
Apollo Global Management posted a 76% jump in first-quarter profit on increasing values of its private-equity holdings and some asset sales.
The alternative investments giant said its economic net income after taxes was $741.3 million in the first three months of the year, up from $422.3 million in the year-earlier period and easily beating analysts' expectations. Under generally accepted accounting principles, Apollo's profit rose to $249 million, up from $98 million.
The firm's private-equity holdings increase in value by 14% on the quarter, and its assets under management rose to $114.3 billion. Its Fund VII has enjoyed a 28% internal rate of return, while its Fund VI has produced a 10% return.
Apollo said it would pay a 57 cent dividend.
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…