Apollo reports fall in revenue

Caitlin Morrison
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FUND manager Apollo Global Management reported revenue of $241m (£151m) for the third quarter of 2014, down 79 per cent on the same period of last year.

The company said this was due to a decrease of $1bn in incentive business revenues. Apollo’s assets under management grew to $164m, compared with $113m in 2013.

Chairman and chief executive Leon Black said: “We sustained our pace of significant realisation activity and distributed nearly $4.6bn to Apollo’s fund investors.”