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Apollo Global Management Inc. has increased its assets under management to $733 billion, marking a 16% rise from the previous year, driven by its focus on wealthy clients. The firm reported an adjusted net income of $1.13 billion, or $1.85 per share, surpassing analysts' expectations of $1.73 per share.
Apollo Global Management Inc. plans to double its private wealth headcount in the Asia Pacific region over the next two to three years, focusing on Japan, Korea, and Australia. The firm will also enhance its teams in Singapore and Hong Kong, according to Edward Moon, head of Asia Pacific global wealth management.
Apollo Global Management Inc. and State Street Corp. are facing scrutiny from the SEC over their plans to launch private-credit ETFs. Concerns arise regarding the lack of clarity on how retail investors can withdraw funds from these illiquid asset-loaded investments, drawing comparisons to past securities failures.
Wall Street leaders are observing a convergence between private credit and traditional bank debt, with Apollo Global Management's Marc Rowan forecasting that borrowers may soon struggle to distinguish between the two. The $1.7 trillion private credit market has expanded by financing private, non-investment-grade companies, but firms like Apollo and Blackstone are increasingly targeting established businesses, challenging traditional banking institutions.
At the Future Investment Initiative in Saudi Arabia, top finance executives from firms like Goldman Sachs, Morgan Stanley, and Apollo Global Management expressed skepticism about the likelihood of two Federal Reserve interest-rate cuts this year. None of the panelists indicated support for such market expectations, suggesting that bets on rate reductions may be excessive.
Apollo Global Management Inc. is considering transferring its investment in New Home Co., a single-family homebuilder it took private in 2021 for approximately $300 million, into a new vehicle to extend its investment timeline. New Home Co. operates in Arizona, California, Colorado, Oregon, and Texas, reflecting the increasing influence of private equity in the real estate sector.
Apollo Global Management has begun the process to sell a majority stake in Clix Capital, a non-banking finance company it has held for eight years. The firm is open to offering 51% control, with the final stake depending on valuations and buyer interest. Co-founders Pramod Bhasin and Anil Chawla, who hold a combined 15% stake, will also consider any potential stake dilution based on deal pricing.
Apollo Global Management, Inc. operates as a global alternative asset manager and retirement services provider, divided into three segments: Asset Management, Retirement Services, and Principal Investments. The Asset Management segment employs yield, hybrid, and equity strategies, while Retirement Services, through Athene Holding Ltd, focuses on retirement savings products like annuities. Principal Investing generates revenue from performance fees and investment income, supporting corporate functions.
Apollo Global Management, Inc. is a global alternative asset manager and retirement services provider, operating in three segments: Asset Management, Retirement Services, and Principal Investing. The Asset Management segment employs yield, hybrid, and equity strategies, while the Retirement Services segment, managed by Athene Holding Ltd, focuses on retirement products like annuities. Principal Investing encompasses realized performance fees and investment income from balance sheet investments.
Apollo Global Management has improved its climate risk score, earning a B for its energy holdings, up from a D in 2022, after committing to avoid fossil fuel investments. However, it still lags behind EQT, which focuses primarily on renewable energy. The report highlights that over 67% of the analyzed private equity firms' energy portfolios are invested in fossil fuels, raising concerns about their environmental impact and accountability.
Apollo Global Management, Inc.
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