Sunday, 21 December 2014
Last updated 4 hours ago
Aug 7 2014 | 4:59pm ET
Apollo Global Management’s second-quarter profit rose—but not as much as analysts expected for a firm selling “everything that’s not nailed down.”
While other private-equity firms rode frothy markets to big gains, Apollo disappointed Wall Street with its 22% increase in profits. The firm said it earned $71.7 million in the second quarter, compared to $58.7 million in the year-earlier period.
But Apollo’s economic net income fell to $207.5 million from $220.1 million, badly missing analysts’ estimates. And its realized carried interest dropped dramatically, from $840.5 million to $241.7 million.
Apollo also paid out more to employees, with profit-sharing rising from $127.2 million to $160.8 million. “We don’t expect that to continue,” Apollo co-founder Joshua Harris said.
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.