Apollo Global Management, LLC (NYSE: APO) and its consolidated subsidiaries (collectively, “Apollo”) today reported results for the second quarter ended June 30, 2012.
Apollo reported ENI of $42.0 million for the second quarter of 2012, compared to $125.3 million for the second quarter of 2011. The 66% decrease in ENI was primarily driven by Apollo’s Incentive Business, which reported an economic net loss of $28.4 million for the second quarter of 2012, compared to economic net income of $94.8 million for the same period in 2011. The quarter over quarter change in economic net income for the Incentive Business was largely the result of lower carried interest income from our private equity segment during the second quarter of 2012 compared to the same period in 2011. Partially offsetting this decline was the improved performance of Apollo’s Management Business, which reported economic net income of $70.4 million for the second quarter of 2012, compared to $30.5 million for the same period in 2011.
Total AUM was $104.9 billion as of June 30, 2012, compared to $71.7 billion as of June 30, 2011, an increase of $33.2 billion or 46%. The increase in total AUM was primarily driven by growth in Apollo’s capital markets segment, which more than doubled to $56.1 billion of AUM as of June 30, 2012, compared to $23.7 billion as of June 30, 2011. Fee-generating AUM was $77.4 billion as of June 30, 2012, compared to $48.9 billion as of June 30, 2011, an increase of $28.5 billion, or 58%, which was also primarily driven by growth in Apollo’s capital markets segment.
U.S. GAAP results for the quarter ended June 30, 2012 included a net loss attributable to Apollo Global Management, LLC of $41.4 million, compared to a $51.0 million loss for the quarter ended June 30, 2011.Leon Black, Chairman and Chief Executive Officer said, “We reported solid financial results for the second quarter despite a challenging global market environment. Our results again demonstrated the growth inherent in Apollo’s business model as we actively raised and deployed capital around the world, and our diversified investment platform continued to generate cash distributions for our shareholders.”
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