Apollo Boasts Better-Than-Expected Earnings Thanks to Spike in AUM

Alternative asset management firm Apollo Global Management (APO) reported better-than-expected earnings results for the 2024 fourth quarter and full year thanks to a spike in assets under management (AUM), its well-performing retirement unit and a rise in fees. 

Apollo reported adjusted net income of $1.4 billion, or $2.22 per share, for the 2024 fourth quarter. This topped the $1.89 per share analysts expected, according to Reuters. 

That can be accounted for by a jump in AUM for the year. Apollo ended 2024 with $751 billion AUM, a 15 percent year-over-year rise. Total gross inflows of $33 billion were spurred by the firm’s focus on its credit strategies as well as its wealth products. 

Apollo has set a goal of managing $1 trillion of assets by next year and $1.5 trillion by 2029, Reuters reported. 

“Our fourth-quarter results punctuate a very strong year of performance for Apollo,” Marc Rowan, CEO for Apollo, said in the earnings release. “2024 highlights include record origination activity exceeding $220 billion, inflows of more than $150 billion, and assets under management surpassing $750 billion. Entering 2025, our growth strategy is clear, our team is focused on execution, and we are playing to win.” 

The firm’s stock jumped in pre-market trading Tuesday morning, following the earnings release, but has since been trading in the red following the market’s opening. As of Tuesday afternoon, its stock was at $164.06 a share, a nearly 2 percent drop from where it started at the opening bell.

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.