Apollo Beats Q4 Expectations, Targeting $1.5 Trillion AUM by 2029
Apollo Global Management's (APO) fourth-quarter earnings exceeded analysts' forecasts, fueled by strong fee growth and solid performance in its retirement business.
* Inflows totaled $33 billion, driven by credit-focused strategies and wealth products.
* Assets under management surged 15% to $751 billion.
* Apollo aims to manage $1 trillion in assets by 2026 and $1.5 trillion by 2029.
* Adjusted net income increased by 15% to $1.36 billion ($2.22 per share), surpassing the consensus estimate of $1.89 per share.
* Fee-related earnings rose 21% to $554 million, a quarterly record.
* Spread-related earnings climbed 12% to $841 million, indicating strong performance in the retirement services unit.
* Origination volume reached $61 billion, a key growth driver for Apollo.
* The company has $61 billion in unspent capital reserve and deployed $63 billion in investments during the quarter.
* Apollo's shares have gained 62% over the past year, reflecting the company's strong operational performance.