Apollo Global Management's assets under management totaled $162.5 billion as of June 30, flat from $162.9 billion at the end of the first quarter and a 3% drop from $168 billion as of June 30, 2014, the alternatives investment firm reported Wednesday.
Net income under U.S. generally accepted accounting principles was $56.4 million as of June 30, up 82.5% from $30.9 million on March 31 but down 22% from $72 million as of June 30, 2014.
“Our results for the second quarter of 2015 once again demonstrate the strength of our integrated investment platform,” said Leon Black, chairman and CEO, in the earnings release. “Amid uncertain market conditions during the quarter, the funds we manage invested nearly $3 billion, highlighting Apollo's ability to identify attractive opportunities across investment cycles.”
In the second quarter, Apollo earned management fees of $227.3 million, up 1% from $224.7 million in the first quarter and down less than 1% from $228.9 million in the second quarter of 2014. Net advisory and transaction fees were $15.5 million in the second quarter, up 63% from $9.5 million in the first quarter and down 75% from $60.8 million as of June 30, 2014.