Apollo in London: pay up at the top, down at the bottom
Apollo Global Management, the private equity firm, has just announced results for its London-based subsidiary, Apollo Management International. The results are... Well, a mixed bag.
Apollo paid out $137m in wages and salaries in 2022 to 260 members of staff, of which 102 were investment professionals and 158 were “administration”. That comes out to a perfectly respectable $527k per head.
But it’s a pretty steep decline compared to last year. In 2021, the fund paid out more money ($158m) to less people – 206, of which 80 were investment professionals and 126 were “administration”. That comes out to $765k, or over 40% more than 2022.
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Luckily, that doesn’t seem to have much of an effect on how much profit was given out to the firm’s partners (known as “members”, and which include corporate entities). The average profit per member declined slightly, from $11.2m to $10.8m, but the share of profit that went to the partner with the highest entitlement was up from $29m to $63m.
The pay per head decline also came despite pretty flat revenues, which only dwindled from $338m to $338m between '21 and '22. Operating profit also barely budged, from $141m to $135m.
Despite pay falling of a cliff (and onto a slightly smaller cliff, to be fair), Apollo is probably still a pretty decent place to be in finance. Private credit is doing well, and Apollo is pouring money into opportunities there via its acquisition of Credit Suisse’s securitized products group for its new, subsidiary, Apollo, which is also hiring in London.
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