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    Apollo Global Management Inc (APO)

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    Apollo Global Management, Inc. (APO) is a global alternative asset manager and retirement services provider, founded in 1990. The company specializes in managing investments across various asset classes and providing retirement savings products through its subsidiary, Athene. Apollo's operations are divided into three main segments, offering a diverse range of financial services and investment solutions to institutional and individual clients worldwide.

    1. Retirement Services - Issues, reinsures, and acquires retirement savings products, including fixed annuities, while generating revenue from premiums, product charges, and net investment income.
    2. Asset Management - Manages funds, accounts, and investment vehicles across yield, hybrid, and equity strategies for institutional and individual investors, earning fees for investment management and capital solutions.
    3. Principal Investing - Focuses on proprietary investments, including Apollo's own funds and strategic opportunities, aiming to generate long-term returns across various asset classes.
    NamePositionStart DateShort Bio
    Marc RowanChief Executive Officer and DirectorMarch 2021Co-Founder of Apollo Global Management, Inc. (APO). Extensive experience in financial services and private equity investments. Graduated summa cum laude from Wharton with a B.S. and M.B.A. in Finance.
    James BelardiChairman, CEO, and CIO of AHL; Director at APOMay 2009Co-Founder of Athene Holding Ltd. (AHL). Founder, Chairman, and CEO of Apollo Insurance Solutions Group LP (ISG). Joined AGM Board of Directors in January 2022.
    Scott KleinmanCo-President of AAM; Director at APO2018Joined Apollo in 1996. Named Lead Partner for Private Equity in 2009. Co-leads AAM's day-to-day operations and revenue-generating businesses.
    James ZelterPresident of AGMJanuary 9, 2025Joined Apollo in 2006. Played a key role in expanding Apollo's credit platform. Previously served as Co-President of AAM since 2018.
    Martin KellyChief Financial Officer2012Joined Apollo in 2012. Previously served as CFO of AAM (2012–2022) and Co-Chief Operating Officer (2019–2021). Prior experience includes Barclays Capital and Lehman Brothers.
    Whitney ChatterjeeChief Legal OfficerJanuary 2024Joined Apollo in 2023. Previously served as General Counsel. Spent over 20 years at Sullivan & Cromwell LLP as a Partner in the Financial Services Group and Head of the Investment Management practice.
    John ZitoCo-President of AAMJanuary 2025Joined Apollo in 2012. Partner and Head of Credit, overseeing Apollo's credit business. Recently promoted to Co-President, expanding responsibilities to include real estate credit.
    1. With your origination reaching $62 billion this quarter and annualizing close to $250 billion, are there capacity constraints that prevent you from increasing your annual origination target beyond $275 billion over the next five years, and how would exceeding this target impact the allocation among third-party, Athene, and syndication channels?

    2. Given that the sidecar vehicle ADIP's participation in new business has been less than the historical 40–45% year-to-date, what factors are influencing this lower contribution, and how do you see this evolving in the coming years, particularly in relation to maintaining Athene's dividend at $750 million annually?

    3. Considering the strong returns from Athene's alternative portfolio and the recent repositioning, is the allocation shift to have approximately 80% in AAA sufficient to maintain the expected 11% normalized return going forward, and are there any remaining steps needed to align the portfolio fully?

    4. With other asset managers reporting margin pressures due to increased payments to distribution platforms in the wealth management build-out, why aren't you experiencing similar headwinds, and could you elaborate on your expense structure in retail distribution compared to peers?

    5. Retirement services outflows improved to around a 10% annualized rate this quarter, but without visibility into 2025, can you provide guidance on how liability outflows are expected to trend next year, and whether they will remain consistent with 2024 levels or exhibit significant deviations?

    Program DetailsProgram 1Program 2
    Approval DateJanuary 3, 2022 February 8, 2024
    End Date/DurationTerminated February 8, 2024 Ongoing until funds are expended
    Total Additional Amount$1.5 billion (reduce share count) + $1.0 billion (offset dilution) $3.0 billion
    Remaining Authorization$0 (fully allocated to Program 2) $1,901,969,206
    DetailsReallocated in 2023: $1.0 billion (reduce share count) + $1.5 billion (offset dilution) Purpose: reduce share count and offset dilution; flexible execution methods