Apollo Profit Drops

Feb 7 2014 | 2:06pm ET

Apollo Global Management's fee income dropped, sending the publicly-listed private equity firm's fourth-quarter profit down 36%.

Apollo's economic net income after taxes in the last three months of 2013 was $421.7 million, down from $655.8 million in the year-earlier period. Still, the results beat analysts' expectations, as much of Apollo's profit in the fourth quarter of 2012 was attributed to "catch-up" profits from its sixth fund.

The New York-based firm said its private-equity funds returned 9% in the fourth quarter. Asset sales netted $5.8 billion during the period, and assets under management soared by 43% to $161.2 billion in the fourth quarter alone.

But carried-interest dropped 45% due to 2012's catch-up of entitled profits, falling to $526.8 million.

Apollo's credit business, its largest, also flourished in the fourth quarter, with economic net income jumping 65%. The unit's real-estate segment swung to a profit on the quarter.

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