Apollo Delivers Continued Improvement; Strong Inflows in Third Quarter
Apollo delivered a solid third quarter amid continued improvement in many areas. We don’t expect to make a material change in our $18 fair value estimate and narrow moat rating. While distributable earnings were essentially flat from last year at $149 million versus $143 million, we’d note that it obscures the shift in earnings toward management fees, as management fee income improved to $148 million versus $96 million last year. Thus, when incentive income rebounds, Apollo is on a higher trajec...Apollo Global Management is an alternative investment manager. The company's primary business is to raise, invest and manage credit, private equity and real assets funds as well as strategic investment accounts. The company has three business segments: Credit, which invests in non-control corporate and structured debt instruments including performing, stressed and distressed investments across the capital structure; Private equity, which invests in control equity and related debt instruments, convertible securities and distressed debt investments; and Real assets, which invests in real estate equity and infrastructure equity for the acquisition and recapitalization of real estate and infrastructure assets.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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