Apollo Global Management, LLC (NYSE:APO) (together with its consolidated subsidiaries, “Apollo”) today reported results for the second quarter ended June 30, 2014.
U.S. GAAP results for the second quarter ended June 30, 2014 included net income attributable to Apollo Global Management, LLC of $71.7 million, or $0.33 per Class A share, compared to $58.7 million, or $0.32 per Class A share, for the same period in 2013.
Apollo reported ENI after taxes of $207.5 million for the second quarter ended June 30, 2014, compared to $220.1 million for the same period in 2013. The $12.6 million decrease in ENI after taxes was driven by a higher tax provision and increased profit sharing expense, partially offset by higher Management Business ENI.
Apollo reported DE after taxes and related payables of $227.1 million for the second quarter ended June 30, 2014, compared to $603.9 million for the same period in 2013. The $376.8 million decrease in DE was driven by lower net realized carried interest income from Apollo's private equity segment compared to the same period in 2013.
Apollo’s total AUM was $167.5 billion as of June 30, 2014, an increase of $54.4 billion, or 48%, compared to $113.1 billion as of June 30, 2013. Fee-generating AUM was $130.3 billion as of June 30, 2014, an increase of $51.0 billion, or 64%, compared to $79.3 billion as of June 30, 2013. The increase in total AUM and fee-generating AUM was driven by growth in Apollo's credit and private equity segments.
"In the current market environment, just as we have done throughout all market cycles since Apollo’s founding in 1990, we remain disciplined and patient as we seek attractive opportunities by utilizing the firm’s integrated global platform and value-oriented investment approach. During the first half of 2014, the funds we manage have already invested or committed more than $7 billion in aggregate across Apollo’s businesses,” said Leon Black, Chairman and Chief Executive Officer. “We also continue to opportunistically monetize the portfolio of investment funds we manage, and during the first half of 2014 these funds have returned more than $6 billion to Apollo's fund investors.”