Economy

Leon Black calls relationship with Jeffrey Epstein ‘terrible mistake’

“Like many people I respect, I decided to give Epstein a second chance,” he said. “It simply came to our notice then. I would like to go back in time and change that decision, but I can’t. ”

Mr. Apollo’s CEO and Chairman. At Black’s request, members of the company’s independent team have already hired Descartes to become a law firm. Investigation Mr. His actions with Epstein. The review is expected to take several weeks to complete.

Many large retirees and advisers who advise on where to invest their dollars are awaiting the outcome of the investigation. The Pennsylvania Public Pension Fund for Teachers has already stated that at least one client will not invest much money with Apollo until the trial is over.

Mr. Black, who said he was “naturally an individual”, gave his comments in a call with analysts. In general, Mr. Black is on similar calls to answer questions, but on Thursday he turned things over to his co-founders Josh Harris and Mark Rowan and other top executives.

Gary Stein, head of the company’s investor relations, said Mr. He reiterated that the company had never traded with Epstein. Black also said that Apollo would not look into the matter beyond comments.

Apollo reported third-quarter net income of $ 2,272.4 million, or $ 1.11 per share, up from $ 363.3 million, or $ 1.63 per share. Distributable returns, closely monitoring the company’s ability to repay investors, were $ 272.4 million, or $ 1.11 per share, up from $ 363.3 million a year ago, or $ 1.63 a share.

But the company’s total assets under management rose to $ 433 billion in the third quarter, from $ 413.6 billion in the second quarter, as it specializes in using foreign exchange and investor dollars to acquire sick companies.

Shares of Apollo fell about 2 percent on Thursday.

Thelma Binder

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