Apollo fees and insurance earnings rise, asset sales slow in second quarter

Apollo's asset management arm brought in $38 billion in fresh capital in the second quarter.

The company said that was driven in part by multi-asset securitization strategies, which include new vehicles pulling together different types of debt. The firm is marketing those vehicles, dubbed AMAPS, as a replacement for collateralized loan obligations.

Credit products for institutional investors and its latest flagship private equity fund also attracted inflows.

Wealthy individuals who have been staging a retreat from private credit this year pitched in $3 billion during the quarter, down from $4 billion in the previous three months.

Apollo Global Management posted a rise in earnings from fees and its insurance business in the second quarter, but cashed in less on its own investments in a tougher environment for asset sales, the company said on Tuesday.

The New York-based company posted adjusted net income of $2.11 per share, 10% higher than the same period last year.

Apollo started as a private equity firm in 1990 and has since pushed hard into credit and insurance, helping swell its total assets under management to $1.05 trillion at end-June.