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MONEY MANAGEMENT

Apollo’s AUM rises 3% in quarter, 14% for the year

Apollo Global Management's assets under management totaled $197.5 billion as of March 31, up 3% from Dec. 31 and up 14% from a year earlier, according to the alternative investment firm's earnings report released on Friday.

Growth drivers included $5.3 billion of capital inflows in the quarter and $35.5 billion of inflows in the year ended March 31. These increases were partially offset by $1.7 billion in distributions in the quarter and $6 billion in the 12-month period.

Credit, Apollo's largest business unit, had $141 billion in assets under management as of March 31, up 3% from Dec. 31 and up 14% from March 31, 2016. Private equity AUM was $44.6 billion as of March 31, up 2% from Dec. 31 and up 18% from a year earlier. Apollo's real estate business AUM was $12 billion as of March 31, up 4% from three months earlier and up 9% from March 31, 2016.

GAAP net income was $145.2 million, compared to $167 million the prior quarter and a net loss of $32.8 million in the year-over-year quarter.

Management fees totaled $269.5 million for the quarter ended March 31, compared to $268.3 million the previous quarter and $233.8 million in the first quarter of 2016. Carried interest was $358.9 million, compared to $373.1 million in the fourth quarter and a $121 million loss in the year-over-year quarter.