Apollo Global Management's total assets under management totaled $159.8 billion as of Dec. 31, down 3% from three months earlier and down 1% from a year earlier, the alternative investment money manager's fourth-quarter earnings report shows.
During the year, Apollo distributed more than $16 billion to limited partners, and its funds invested about $10 billion.
U.S. GAAP net income was $22.2 million in the fourth quarter, up from $2.2 million in the third quarter but down from $159.2 million in the year-earlier quarter.
For the year ended Dec. 31, U.S. GAAP net income was $168.2 million, compared with $659.4 for the year ended Dec. 31, 2013.
Total revenue for combined segments was $294.1 million for the fourth quarter, down 64% compared to the same period in 2013, primarily due to a $418.4 million decrease in unrealized carried interest.
Total revenue for Apollo's combined segments was $1.6 billion for the year ended Dec. 31, a decline of 58%, from year-end 2013, driven primarily by a $2.5 billion decrease in total carried interest income.