Marc Rowan, CEO of Apollo Global Management LLC, participates in the "Finding Opportunities in Restructuring in the Year Ahead" panel at the 2010 Milken Institute Global Conference in Beverly Hills, California April 28, 2010. REUTERS/Phil McCarten/File Photosaid on Thursday its second-quarter adjusted net income jumped 75% year-on-year, underpinned by strong growth in earnings from its retirement services business and management fees.
Adjusted net income rose to $1 billion, up from $576 million a year earlier. That translated to an adjusted net income per share of $1.70, which exceeded the average analyst forecast of $1.65, according to Refinitiv data. Spread-related earnings, which encompasses the income Apollo generates from investing the capital of annuities provider Athene in mostly investment-grade debt products, surged 76% to nearly $800 million buoyed by higher interest rates and increased inflow from retirees.
Fee-related earnings rose by nearly 30% to a quarterly record of $442 million, driven by growth in management fees as Apollo accumulated more assets. Its income from asset sales were flat at just $20 million as the firm avoided cashing out its private equity investments amid the continued slump in deal making activity.