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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.
- Retirement Services - Issues, reinsures, and acquires retirement savings products, including fixed annuities, while generating revenue from premiums, product charges, and net investment income.
- 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.
- Principal Investing - Focuses on proprietary investments, including Apollo's own funds and strategic opportunities, aiming to generate long-term returns across various asset classes.
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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?
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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?
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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?
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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?
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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?