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Alternatives

Apollo’s AUM dips slightly in quarter, up 25% for the year

Leon Black, chairman and CEO of Apollo Global Management

Apollo Global Management reported $247.4 billion in assets under management as of March 31, down 0.6% from Dec. 31 but up 25.3% from a year earlier, according to the alternative investment firm's earnings report Thursday.

Apollo reported $4.9 billion in gross inflows for the quarter and $56.1 billion for the year ended March 31.

Credit AUM grew by 1% in the quarter to $165.3 billion and was up 17% from March 31, 2017. Private equity AUM was $68.9 billion at the end of the quarter, up 5% from Dec. 31 and up 54% year-over-year. Real assets AUM was $13.2 billion, up 6% from three months earlier and up 10% from Dec. 31, 2016.

Apollo earned $286.7 million in management fees in the first quarter, up 21% from the prior quarter and up 6% from the quarter ended March 31, 2017. Advisory and transaction fees were $13.6 million, down from $62.7 million in the fourth quarter and $15.1 million in the year-earlier quarter. Incentive fees were $3.8 million, down 51% from the prior quarter and down 41% from the year-earlier quarter.

Apollo recorded a GAAP net loss of $109.3 million in the quarter, compared to net income of $461.3 million in the fourth quarter and net income of $355 million in the year-earlier quarter.