Apollo Leads Slump in Buyout Profits Amid Market Swings
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Apollo Global Management LLC led a slump in third-quarter earnings at private-equity firms as swings in stock and bond markets hurt their holdings and fees for overseeing them.
Economic net income at Apollo, run by Leon Black, dropped 91 percent from a year ago, the New York-based firm said today. Profit at Fortress Investment Group LLC declined 15 percent, and Oaktree Capital Group LLC reported a 47 percent slide in its earnings as it sold fewer holdings.