The constructive economic environment, particularly in the U.S., plays to the strengths of our business mix, with another quarter of increased contribution from our U.S. segment, which grew at a higher rate than the bank overall.
Overall, the banking group reported net income of C$1.33bn for the first quarter of fiscal 2018, down 5% from C$1.41bn in the corresponding year ago quarter.
“Our strong results for the fourth quarter capped an exceptional 2017 for Apollo,” said Leon Black, Chairman and Chief Executive Officer.
The firm said after a second wave of transitions in the first quarter of this year, it will retain 65 to 70 percent, or $70 to $75 billion, of National Planning Holdings’ assets.
The changes, including a pullback from recruiting veteran advisors, the traditional source of new client money, impacted fourth-quarter results as both brokers and customers left the bank, the bank said.
The firm’s investment management division, which houses Goldman Sachs Asset Management and Private Wealth Management, saw assets under supervision, increase by $115 billion, or 8%
Global markets, hit by a 13 per cent drop in fixed income, currencies and commodities revenues, was its only division to sustain a decline in the fourth quarter.