Yes, that’s right. He made more than one half. Of ONE BILLION dollars. I’m light headed even thinking about it. Instead of encouraging us to be doctors, lawyers and engineers, our parents should have encouraged us to be HEDGE FUND DIRECTORS! lol read the story after the click.
From Dealbook:
Leon D. Black earned more than half a billion dollars in 2013, amid flush times for the private equity firm he runs, Apollo Global Management.
Mr. Black, co-founder and chief executive of Apollo, earned $369.3 million in cash dividends and other compensation last year, a filing on Monday showed. Adding in his profit from investing in Apollo’s funds, the total earnings were $546.3 million.
That was the largest haul by a single executive of a publicly traded private equity firm last year. The Blackstone Group reported last week that its chief executive and co-founder, Stephen A. Schwarzman, earned $452.7 million for 2013, including the profit from his personal investments in Blackstone’s funds.
To employ a metaphor used by Mr. Black, Apollo successfully harvested big gains from its investments last year. Public markets were buoyant, allowing Apollo and its rivals to take large profits and return piles of cash to investors.
“It’s almost biblical. There is a time to reap and there’s a time to sow,” Mr. Black said last spring, in remarks that quickly became an unofficial motto for the private equity industry in 2013. “We’re selling everything that’s not nailed down.”
While Mr. Black’s base compensation was relatively small – $273,053, including costs of a car and driver – the bulk of his earnings came from dividends on the 92.7 million shares he owns in Apollo. The private equity firm paid dividends of $3.98 a share for 2013.
Read the rest of the story on Dealbook.
My kids may want to study fun things like Political Science and English…but they are definitely going to get minors in hedge fund management. 1/2 a billion dollars?! Without juju?! lol #nobrainer
