Apollo Global Management CEO Marc Rowan on the Optimism of the Economy, and the Record Earnings Performance of Apollo Global Management
During the Milken Institute Global Conference, Apollo Global Management CEO Marc Rowan expressed optimism about the state of the economy. He believes that the country has achieved a soft landing and is on track to continue in this direction. A soft landing refers to a situation where economic growth continues even after a series of interest rate hikes by the Federal Reserve.
Despite some mixed reactions from the markets to recent economic data, the numbers support Rowan’s assessment. While the US economy expanded by 1.6% in the first quarter, it continued to grow instead of contracting. GDP growth for 2023 was at a 2.5% annualized pace, which defied earlier predictions of a mild recession by Wall Street firms.
Apollo Global Management saw positive results in their first quarter earnings, with total assets under management increasing by 12% year over year to $671 billion. The company also experienced record quarterly debt origination volume of $40 billion and a 13% increase in asset management fees driven by demand for retirement services.
Apollo shares have risen by 22% year to date, outperforming the S&P 500’s gain of 9%. The company is the parent company of Yahoo Finance, where Brian Sozzi is the Executive Editor and host of the “Opening Bid” podcast. Readers can follow Sozzi on Twitter and LinkedIn for more insights and news. For tips on deals, mergers, activist situations, or other topics, you can email brian.sozzi@yahoofinance.com
