Financial

Apollo Global Management rises on ambitious growth plans

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Shares of alternative asset manager Apollo Global Management (NYSE:APO) jumped 6.2% on Tuesday, reaching $132.63, following the company's announcement of an ambitious plan to significantly expand its assets under management (AUM).

Apollo revealed that it aims to grow its AUM to approximately $1.5 trillion over the next five years, nearly doubling the $696 billion it managed as of June 30.

The firm also projects adjusted net income per share to hit $15 by 2029, driven by stronger-than-anticipated growth in fee-related earnings.

Apollo's management outlined plans to "significantly" scale its credit business as part of this broader growth strategy.

Brokerage firm TD Cowen noted that investors will increasingly value Apollo’s shares, particularly in light of the five-year growth outlook.

The firm added that the stock is likely to respond positively to the company's management update, given the multiple growth drivers in play.

Apollo’s share price has already risen 34% year-to-date, as of the last close, further reflecting investor confidence in the firm’s strategic vision.

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