Sunday, 28 December 2014
Last updated 4 hours ago
Nov 7 2013 | 11:28am ET
Apollo Global Management's third-quarter profit has more than doubled on stronger returns and investment exits.
The New York-based private-equity giant said its net income for the quarter jumped to $192.5 million from $82.8 million on a 59% increase in revenue. Economic net income rose nearly 40% to $529 million, easily topping analysts' estimates.
Apollo's assets under management were $157 billion at the end of September. The firm raised about $3.3 billion for its eighth fund in the quarter; Apollo recently asked investors for permission to raise up to $17.5 billion for that vehicle, rather than its current $15 billion cap. The firm has about $12 billion in commitments for the fund.
Apollo has been making good on founder Leon Black's pledge to sell "everything that's not nailed down," realizing some $638.9 million in carried-interest income. And the investments the firm continues to hold also contributed to the bottom line, with an 18% return in the third quarter.
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.