Thursday, 18 December 2014
Last updated 14 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.