Apollo Surpasses 1 Trillion in Assets and Beats Estimates
Apollo Global Management reached one trillion dollars in assets and beat quarterly profit estimates. Record fee-related earnings helped offset insurance losses.
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APOLLO GLOBAL MANAGEMENT INC crossed $1 trillion in assets under management and reported adjusted first-quarter net income of $1.21 billion, beating Wall Street's $1.93 per share estimate by $0.01. The milestone caps a five-year push into retirement services and credit launched by CEO Marc Rowan in 2021. Apollo now aims to reach $1.5 trillion in AUM by 2029, narrowing the gap with BLACKSTONE INC, which holds $1.3 trillion.
