Apollo Global Management's assets under management totaled $161.8 billion as of Sept. 30, down 0.4% from three months earlier and down 1.3% from a year earlier, the alternatives investment firm reported Wednesday.
However, fee-generating AUM was $131.1 billion at the end of the second quarter, up 2.2% from the end of the previous quarter and up 1.2% from the end of the year-earlier quarter.
Net income under generally accepted accounting principles was $41.1 million as of Sept. 30, compared to $56.4 million as June 30 and $2.2 million as of Sept. 30, 2014.
Apollo's economic net income, a non-GAAP metric, was $104 million in the third quarter, compared to $154.7 million last quarter and $32.4 million in the third quarter of 2014.
Apollo reported management fees of $226.8 million in the third quarter, down 0.2% from the previous quarter and down 0.4% from the year-earlier quarter. Net advisory and transaction fees were $9.3 million in the quarter, down 40% from the second quarter and down 87% from the third quarter of 2015.
Apollo posted capital inflows of $3.3 billion and $14 billion, respectively, for the three and 12 months ended Sept. 30 and deployed $3.9 billion and $11.7 billion, respectively, during each of those periods.
The company also reported $28.7 billion in dry powder as of Sept. 30.
“Amid a volatile and challenging market, our management business continues to provide our shareholders with a steady source of cash flow, which is supported by a large and growing base of long-dated capital, nearly half of which is permanent in nature,” said Leon Black, chairman and CEO, in the earnings release.