He said: “Like many others I respect, I decided to give Epstein a second chance.” “This is a terrible mistake. I wish I could go back in time and change that decision, but I can’t. “
At the request of Mr. Black, Apollo’s CEO and Chairman, the company’s independent board members have hired Dechert Law Firm to investigate his transaction with Epstein. The review is expected to take several weeks to complete.
Many large pension funds and advisers who advise them on dollar investment are waiting for the results of the survey. At least one client, a public pension fund for teachers in Pennsylvania, has stated that it will not invest more money in Apollo until the investigation ends.
The call began with Gary Stein, the company’s director of investor relations, who reiterated that the company had never done business with Epstein and stated that Apollo would not go beyond what Mr. Black said.
Apollo reported a net profit of 272.4 million US dollars in the third quarter, or 1.11 US dollars per share, lower than the 363.3 million US dollars in the same period last year, or 1.63 US dollars per share. Distributable earnings are a closely watched indicator of the company’s ability to return cash to investors. Earnings during the period were US$272.4 million, or US$1.11 per share, down from US$363.3 million in the same period last year, or per share. $1.63.
However, Apollo reported that the company’s total assets under management increased from US$413.6 billion in the second quarter to US$433 billion in the third quarter, specializing in the use of leverage and investor funds to acquire troubled companies .
Apollo’s shares fell about 2% on Thursday.