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Apollo's Fourth-Quarter Profit Drops 37 Percent

Apollo Global Management LLC reported a 37 percent drop in fourth-quarter profit per share on Friday, failing to match its carried interest income from a year ago, yet the result beat most analysts' expectations on stronger fund values.Apollo took advantage of red-hot capital markets to cash out on investments throughout 2013, an approach epitomized by co-founder and Chief Executive Leon Black last April with the phrase: "We are selling everything that is not nailed down."Besides management fees, Apollo receives performance fees for the private equity funds it manages, typically 20 percent of a fund's profits, in the form of carried interest, once the fund's investment returns exceed a specified hurdle rate.One of its funds, Fund VI, crossed its 8 percent hurdle rate in the fourth quarter of 2012, paying out carried interest that had accrued through a "catch-up" mechanism that no longer applied in the fourth quarter of 2013.As a result, economic net income after taxes, a metric that in...

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