- The stock almost doubled last year as the company switched from a partnership to a corporation.
Total assets under management climbed to $331 billion driven by $10.5 billion of inflows during the quarter, primarily from growth of Athene and across the credit platform.Distributable earnings rose to $1.10 cents a share, beating the average analyst estimate of 73 cents.Apollo’s private equity portfolio appreciated 4% in the quarter and 16% for the year.Credit strategies took in $40 billion of fee-generating capital during the year.
The shares tumbled as much as 9.1%, the biggest intraday drop since November 2017. They traded at $47.14 at 12:05 p.m. in New York, down 7.9%. Rivals Blackstone Group Inc. and KKR & Co. were down roughly 2%.
Margins should also be similar to last year, executives said on the company’s fourth-quarter conference call.
The comments came after the firm reported earnings that exceeded estimates. Private equity firms are raking in record sums as yield-starved investors seek to bolster returns. Apollo took in $10.5 billion in capital during the period, bringing fundraising for the year to $64 billion, according to a statement Thursday.
Apollo, led by billionaire Leon Black, managed to benefit from asset sales during a period of high valuations. The New York-based company returned $5.5 billion to investors in the quarter, more than double the year-earlier period. The increase was driven in part by the sale of digital infrastructure company Presidio Inc. for $2.2 billion.
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