Jim Zelter, Co-president of Apollo Global Management, discusses Apollo's recent earnings, pockets of stress in the US economy, and his views on the Fed's decisions. Topics also include the competitive nature of the banking and asset management industry, the strength of the US economy, market structure issues, and implications for companies raising capital and credit stress.
Apollo Global Management reported strong profit growth driven by risk-adjusted investor performance and asset gathering capabilities.
Apollo recognizes the competition in the industry and highlights the symbiotic relationship between financial institutions.
Deep dives
Apollo Global Management's Record Profit in 2023
Apollo Global Management reported more profit last year than the previous decade, driven by its strong risk-adjusted investor performance and asset gathering capabilities.
Competition in the Financial Industry
Apollo acknowledges the competitive nature of the industry, where firms like Morgan Stanley and Goldman Sachs are aiming to bolster their private credit portfolios. However, Apollo highlights the symbiotic relationship that exists between various financial institutions.
Market Trends and Economic Conditions
Apollo discusses how the strength of the US economy has defied expectations, and while signs of economic hardening may be emerging, the Federal Reserve's ability to respond to negative shocks remains intact. There has been a boom in supply and demand in the public markets, partly due to the anticipation of lower rates and a strong US consumer.
Co-president of Apollo Global Management Jim Zelter discusses the firm’s most recent earnings, where he sees pockets of stress in the otherwise resilient US economy and how he views the Fed’s decisions. He speaks with Bloomberg Surveillance hosts Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern.