Apollo says its employees have an inexplicable passion for being in the office this summer
If you work for JPMorgan in New York and you're complaining about the prospect of paying for the office gym this summer, maybe you need a change of approach. Over at Apollo's New York office on West 57th Street, people are unusually happy to work in the office, irrespective of perks.
Speaking to investors today, Apollo said there are 20% more people in its offices than during a standard summer. Typically, there are 1,000 people in Apollo offices in July and August; this year there are 1,200. "I can't actually figure out what's happening," said Marc Rowan, Apollo's chief executive officer. It might be due to "momentum," he suggested.
The firm employs around 5,000 people in total.
Apollo also announced today that its assets have hit a record high of $840bn and said it generated earnings of $627m, up 22% on the previous year. "The flywheel of what we do, of originating, raising capital deploying, was really in full force for the quarter," said Rowan, noting that all buckets of the credit business performed as they should and that its retirement services businesses, which sells annuities, is growing rapidly.
Apollo employees' enthusiasm for working in the office comes despite last week's fatal shootings at Blackstone. Blackstone's Park Avenue office is 15 blocks from Apollo's office on West 57th Street. Employees there have been given the option to work from home until August 11th, or later if required.
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