Higher fees and growth in its retirement-services business helped the boost earnings at Apollo Global Management by 6.4% in the third quarter of 2022, according to a report by Bloomberg.
The report cites a statement issued by the New York-based alternative asset manager on Wednesday as revealing that adjusted net income was $800.5 million, or $1.33 a share, in excess of the $1.23 average estimate of 14 analysts surveyed by Bloomberg.
Fee-related earnings grew 13.9% from a year earlier to a quarterly record of $364.6 million, driven by management revenue in its credit business as well as a rise in transaction charges. Athene, Apollo’s insurance arm that sells annuities, generated $578.1 million from higher interest rates.
Shares of Apollo rose 3.7% to $59.28 at 10:13 am in New York, reducing the decline so far this year to 18%.
