Record Combined Fee and Spread Related Earnings
Apollo Global Management achieved record combined fee and spread related earnings, driving an adjusted net income of $1.4 billion or $2.17 per share, up 17% year-over-year.
Strong Fee-Related Earnings (FRE) and Management Fee Growth
FRE reached $652 million, up 23% year-over-year, with management fee growth at 22% year-over-year.
Robust Origination and Inflows
Origination for the quarter was $75 billion, the second strongest quarter following a record Q2. There were robust inflows of $82 billion for the quarter, led by asset management and retirement services.
Record Assets Under Management
Assets under management reached a record $908 billion, up 24% year-over-year.
Strong Performance in Asset Management and Retirement Services
Athene's net invested assets grew by 18% year-over-year to $286 billion, and the asset management segment showed strong performance across all buckets, with credit up 8% to 12% over LTM and 3% to 5% in the quarter.
Innovative Strategies and New Opportunities
Apollo is exploring new markets and innovative strategies, including expansion into 401(k) plans and partnerships with traditional asset managers, which could significantly increase the demand for private assets.