NEW YORK - Apollo Global Management Inc said on Wednesday that its third-quarter adjusted net income jumped nearly 23% year-on-year amid strong growth in management fees and earnings from its retirement services business.
Fee-related earnings rose 29% to a quarterly record $472 million driven by increased management fees from Apollo managing more assets. Total assets under management were up nearly 21% to $631 billion. Like its peers, Apollo struggled to sell assets from its private equity business amid volatility caused by inflation, geopolitical tensions and rising rates. Principal investing income fell 92% to $4 million.
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