Apollo Profit Doubles In Q4

Apollo Global Management LLC reported a 95 percent rise in quarterly earnings, as strong gains in private equity profits, driven by asset sales, more than compensated for a drop in income in its credit investment business, sister news service Reuters reported. Credit investments, such as non-performing loans, distressed debt and fixed income, now account for more than half of Apollo’s assets, but it was private equity that put in a strong showing in the quarter as the firm sold stakes in companies.

“Our results for the fourth quarter of 2012 completed an outstanding year for Apollo and we believe further demonstrate the significant earnings and cash generating power inherent in our integrated global investment platform,” Apollo co-founder and chief executive Leon Black ...

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