Tuesday, 30 September 2014
Last updated 3 hours ago
Aug 8 2013 | 12:16pm ET
Apollo Global Management set all sorts of records in the second quarter, with profits rising tenfold and its highest-ever dividend.
The alternative investments firm said second-quarter earnings were $197.8 million, pushing economic net income after taxes to $1.10 per share, more than twice analysts' estimates. Under generally accepted accounting principles, Apollo's profit was $58.7 million, up from a $41.4 million loss in the year-earlier period.
The impressive earnings were driven by Apollo's success in the markets, with its investments producing $13.5 billion in returns during the quarter.
"Our results for the second quarter of 2013 reflect the continued strength of Apollo's integrated global platform and value-oriented investment approach," CEO Leon Black said. "During the quarter we raised nearly $7 billion of new capital across all of our business segments, and we generated more than $7 billion of realizations for our investors."
Apollo said it would pay a $1.32 per share distribution.
In spite of the big jump in profit, Apollo's assets under management actually fell slightly in the second quarter, to $113.1 billion from $114.3 billion three months earlier.
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…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...