Apollo Profit Beats Estimates as Assets Approach $1 Trillion (2)

Apollo Global Management Inc.’s third-quarter earnings surpassed Wall Street estimates as the buyout giant edged closer to reaching $1 trillion of assets.

Fee-related earnings jumped 23% from a year earlier to $652 million, the New York-based company said Tuesday in a statement. That beat the $626.5 million average estimate of analysts in a Bloomberg survey. Apollo generated $68 billion of net inflows and acquired real estate manager Bridge Investment Group during the period, which helped lift assets under management to $908 billion.

Shares of Apollo jumped more than 7% to $132.66 at 10:07 a.m. in New York.

“The ...