Apollo Global Management, LLC (NYSE: APO) and its consolidated subsidiaries (collectively, “Apollo”) today reported results for the first quarter ended March 31,
2012.
Apollo reported total economic net income of $462.0 million for the first quarter of 2012, compared to $376.6 million for the first quarter of 2011. The 23% increase in ENI was driven by improved performance in both Apollo’s Management Business and Incentive Business, which reported ENI of $35.1 million and $426.9 million for the first quarter of 2012, respectively, compared to $14.7 million and $361.9 million for the first quarter of 2011, respectively.
Total AUM was $86.1 billion as of March 31, 2012, compared to $70.0 billion as of March 31, 2011, an increase of $16.1 billion or 23%. The $16.1 billion increase in total AUM includes an $11.3 billion increase in fee-generating AUM, discussed further below, as well as $3.0 billion from the long-term strategic partnership with the Teachers Retirement System of Texas (TRS).
Fee-generating AUM was $59.6 billion as of March 31, 2012, compared to $48.3 billion as of March 31, 2011, an increase of $11.3 billion, or 23%. The increase in fee-generating AUM was driven by both organic and strategic growth across Apollo’s segments, including $7.0 billion related to Athene Holding Ltd. and its affiliates (“Athene”), $3.0 billion from the acquisition of Gulf Stream Asset Management LLC during the fourth quarter of 2011, as well as new capital raised for our natural resources, longevity and real estate investment strategies.
U.S. GAAP results for the quarter ended March 31, 2012 included net income attributable to Apollo Global Management, LLC of $98.0 million, compared to $38.2 million for the quarter ended March 31, 2011.
