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Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Fourth-quarter numbers beat forecasts at Apollo

(Sharecast News) - Apollo Global Management posted above-forecast fourth-quarter numbers on Thursday, boosted by strong growth in retirement services. The US investment firm, a specialist in alternative asset management and retirement solutions, reported total revenues of $11.05bn in the last three months of 2023, compared to $4.84bn a year previously.

Within retirement services, premiums soared to $3.59bn from $869m a year previously, while net investment income surged to $3.35bn from $2.48bn. Investment related gains jumped to $2.62bn from $105m.

Asset management revenues rose to $444m from $403m.

Adjusted net income rose to $1.18bn or $1.91 per share, compared to $903m a year ago. Analysts had been expecting $1.73 per share.

Assets under management jumped 19% to $651bn.

Marc Rowan, chief executive, said: "Amid a volatile market backdrop in 2023, Apollo was firing on all cylinders. We generated exceptional results, highlighted by fee and spread related earnings growth exceeding 25% and nearly $160bn of inflows.

"Entering 2024, we are employing discipline at every turn as we continue to provide our clients with excess return per unit of risk."

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Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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