Apollo Global Management, LLC (NYSE:APO) (together with its consolidated subsidiaries, “Apollo”) today reported results for the first quarter ended March 31, 2014.
Apollo reported ENI after taxes of $218.6 million for the first quarter ended March 31, 2014, compared to $763.6 million for the same period in 2013. The $545.0 million decrease in ENI was driven by Apollo's Incentive Business, which reported ENI of $117.2 million for the first quarter ended March 31, 2014, compared to $726.4 million for the same period in 2013. The $609.2 million year-over-year decrease in ENI for the Incentive Business was largely the result of lower carried interest income from Apollo's private equity segment during the first quarter of 2014 compared to the same period in 2013.
Apollo’s total AUM was $159.3 billion as of March 31, 2014, an increase of $45.0 billion, or 39%, compared to $114.3 billion as of March 31, 2013. Fee-generating AUM was $128.5 billion as of March 31, 2014, an increase of $46.9 billion, or 57%, compared to $81.6 billion as of March 31, 2013. The increase in total AUM and fee-generating AUM was driven by growth in Apollo's credit and private equity segments.
U.S. GAAP results for the first quarter ended March 31, 2014 included net income attributable to Apollo Global Management, LLC of $72.2 million, or $0.32 per Class A share, compared to $249.0 million, or $1.60 per Class A share, for the first quarter ended March 31, 2013.“Our solid first quarter results highlight Apollo’s continued success in building a truly global alternative investment management firm with an outstanding team and investment track record,” said Leon Black, Chairman and Chief Executive Officer. “The favorable secular tailwinds in our industry - including the search for yield, increasing allocations to alternatives, consolidation of general partner relationships and a shifting financial services landscape - all play to our strengths. We believe Apollo is well-positioned to navigate the investment landscape across market cycles, and we expect our limited partners and shareholders to benefit from Apollo’s integrated investment platform for many years to come.”