A ticker symbol or stock symbol is an abbreviation used to uniquely identify publicly traded shares of a particular stock on a particular stock market. A stock symbol may consist of numbers or a combination of both. "Ticker symbol" refers to the symbols. Stock symbols are unique identifiers assigned to each security traded on a particular market. A stock symbol can consist of letters, numbers, or a combination of both, is a way to uniquely identify that stock; the symbols were kept as short as possible to reduce the number of characters that had to be printed on the ticker tape, to make it easy to recognize by traders and investors. The allocation of symbols and formatting convention is specific to each stock exchange. In the US, for example, stock tickers are between 1 and 4 letters and represent the company name where possible. For example, US-based computer company stock Apple Inc. traded on the NASDAQ exchange has the symbol AAPL, while the motor company Ford's stock, traded on the New York Stock Exchange has the single-letter ticker F.
In Europe, most exchanges use three-letter codes, for example Dutch consumer goods company Unilever traded on the Amsterdam Euronext exchange has the symbol UNA. While in Asia, numbers are used as stock tickers to avoid issues for international investors when using non-Latin scripts. For example, the bank HSBC's stock traded on the Hong Kong Stock Exchange has the ticker symbol 0005. Symbols sometimes change to reflect mergers. Prior to the 1999 merger with Mobil Oil, Exxon used a phonetic spelling of the company "XON" as its ticker symbol; the symbol of the firm after the merger was "XOM". Symbols are sometimes reused. In the US the single-letter symbols are sought after as vanity symbols. For example, since Mar 2008 Visa Inc. has used the symbol V, used by Vivendi which had delisted and given up the symbol. To qualify a stock, both the ticker and the exchange or country of listing needs to be known. On many systems both must be specified to uniquely identify the security; this is done by appending the location or exchange code to the ticker.
Although stock tickers identify a security, they are exchange dependent limited to stocks and can change. These limitations have led to the development of other codes in financial markets to identify securities for settlement purposes; the most prevalent of these is the International Securities Identifying Number. An ISIN uniquely identifies a security and its structure is defined in ISO 6166. Securities for which ISINs are issued include bonds, commercial paper and warrants; the ISIN code is a 12-character alpha-numerical code that does not contain information characterizing financial instruments, but serves for uniform identification of a security at trading and settlement. The ISIN identifies not the exchange on which it trades. For instance, Daimler AG stock trades on twenty-two different stock exchanges worldwide, is priced in five different currencies. ISIN cannot specify a particular trade in this case, another identifier the three- or four-letter exchange code will have to be specified in addition to the ISIN.
While a stock ticker identifies a security that can be traded, stock market indices are sometimes assigned a symbol though they can not be traded. Symbols for indices are distinguished by adding a symbol in front of the name, such as a caret or a dot. For example, Reuters lists the Nasdaq Composite index under the symbol. IXIC. In Canada the Toronto Stock Exchange TSX and the TSXV use the following special codes after the ticker symbol: In the United Kingdom, prior to 1996, stock codes were known as EPICs, named after the London Stock Exchange's Exchange Price Information Computer. Following the introduction of the Sequence trading platform in 1996, EPICs were renamed Tradable Instrument Display Mnemonics, but they are still referred to as EPICs. Stocks can be identified using their SEDOL number or their ISIN. In the United States, modern letter-only ticker symbols were developed by Standard & Poor's to bring a national standard to investing. A single company could have many different ticker symbols as they varied between the dozens of individual stock markets.
The term ticker refers to the noise made by the ticker tape machines once used by stock exchanges. The S&P system was standardized by the securities industry and modified as years passed. Stock symbols for preferred stock have not been standardized; some companies use a well-known product as their ticker symbol. Belgian brewer InBev, the brewer of Budweiser beer, uses "BUD" as its three-letter ticker for American Depository Receipts, symbolizing its premier product in the United States, its rival, Molson Coors Brewing Company, uses a beer-related symbol, "TAP". Southwest Airlines pays tribute to its headquarters at Love Field in Dallas through its "LUV" symbol. Cedar Fair Entertainment Company, which operates large amusement parks in the United States, uses "FUN" as its symbol. Harley-Davidson uses "HOG" for its Harley Owners Group. Yamana Gold uses "AUY", because on the periodic table of elements. Sotheby's uses the symbol "BID". While most symbols come from the company's name, sometimes it happens the other way around.
Tricon Global, owner of KFC, Pi
United States dollar
The United States dollar is the official currency of the United States and its territories per the United States Constitution since 1792. In practice, the dollar is divided into 100 smaller cent units, but is divided into 1000 mills for accounting; the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. Since the suspension in 1971 of convertibility of paper U. S. currency into any precious metal, the U. S. dollar is, de facto, fiat money. As it is the most used in international transactions, the U. S. dollar is the world's primary reserve currency. Several countries use it as their official currency, in many others it is the de facto currency. Besides the United States, it is used as the sole currency in two British Overseas Territories in the Caribbean: the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while still minting their own coins, or accept U. S. dollar coins. As of June 27, 2018, there are $1.67 trillion in circulation, of which $1.62 trillion is in Federal Reserve notes.
Article I, Section 8 of the U. S. Constitution provides that the Congress has the power "To coin money". Laws implementing this power are codified at 31 U. S. C. § 5112. Section 5112 prescribes the forms; these coins are both designated in Section 5112 as "legal tender" in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar; the pure silver dollar is known as the American Silver Eagle. Section 5112 provides for the minting and issuance of other coins, which have values ranging from one cent to 100 dollars; these other coins are more described in Coins of the United States dollar. The Constitution provides that "a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time"; that provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the "Statements" are being expressed in U. S. dollars. The U. S. dollar may therefore be described as the unit of account of the United States.
The word "dollar" is one of the words in the first paragraph of Section 9 of Article I of the Constitution. There, "dollars" is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U. S. Congress passed a Coinage Act. Section 9 of that act authorized the production of various coins, including "DOLLARS OR UNITS—each to be of the value of a Spanish milled dollar as the same is now current, to contain three hundred and seventy-one grains and four sixteenth parts of a grain of pure, or four hundred and sixteen grains of standard silver". Section 20 of the act provided, "That the money of account of the United States shall be expressed in dollars, or units... and that all accounts in the public offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation". In other words, this act designated the United States dollar as the unit of currency of the United States. Unlike the Spanish milled dollar, the U.
S. dollar is based upon a decimal system of values. In addition to the dollar the coinage act established monetary units of mill or one-thousandth of a dollar, cent or one-hundredth of a dollar, dime or one-tenth of a dollar, eagle or ten dollars, with prescribed weights and composition of gold, silver, or copper for each, it was proposed in the mid-1800s that one hundred dollars be known as a union, but no union coins were struck and only patterns for the $50 half union exist. However, only cents are in everyday use as divisions of the dollar. XX9 per gallon, e.g. $3.599, more written as $3.599⁄10. When issued in circulating form, denominations equal to or less than a dollar are emitted as U. S. coins while denominations equal to or greater than a dollar are emitted as Federal Reserve notes. Both one-dollar coins and notes are produced today, although the note form is more common. In the past, "paper money" was issued in denominations less than a dollar and gold coins were issued for circulation up to the value of $20.
The term eagle was used in the Coinage Act of 1792 for the denomination of ten dollars, subsequently was used in naming gold coins. Paper currency less than one dollar in denomination, known as "fractional currency", was sometimes pejoratively referred to as "shinplasters". In 1854, James Guthrie Secretary of the Treasury, proposed creating $100, $50 and $25 gold coins, which were referred to as a "Union", "Half Union", "Quarter Union", thus implying a denomination of 1 Union = $100. Today, USD notes are made from cotton fiber paper, unlike most common paper, made of wood fiber. U. S. coins are produced by the United States Mint. U. S. dollar banknotes are printed by the Bureau of Engraving and Printing and, since 1914, have been issued by t
Self Publish, Be Happy
Self Publish, Be Happy is an organisation founded by Bruno Ceschel in 2010 that aims to help aspiring photographers to self-publish their own books. It does so through workshops, exhibitions, live events, on/offline projects and publicising of books, it is based on Ridley Road, in Dalston, where it keeps a library of some 2000 donated self-published zines and books. Since 2012 Self Publish, Be Happy has published photography books as SPBH Editions. Ceschel is Antonio de Luca its art director, it has published books by Broomberg & Chanarin, Cristina de Middel, Mariah Robertson, Lorenzo Vitturi and others. SPBH produces various series of publications — SPBH Book Club, which are sold as part of a yearly subscription as well as sold separately. In November 2015 Ceshel's book Self Publish, Be Happy: A DIY Photobook Manual and Manifesto was published by Aperture. Parr and Badger include Self Publish Be Naughty in the third volume of their photobook history. Critic Sean O'Hagan, writing in The Guardian, said "An accurate measure of SPBH’s importance to the contemporary cottage industry is the array of photobooks they have featured that I would cite as contemporary classics."
Self Publish Be Naughty. London: Self Publish, Be Happy, 2011. OCLC 777945637. 122 photographs from 75 photographers, text. Edition of 1000 copies. AB&OC. SPBH Book Club Vol. I. By Adam Broomberg & Oliver Chanarin. London: Self Publish, Be Happy, 2012. ASIN B00ECAIIFI. Edition of 250 copies. SPBH Book Club Vol. II. By Brad Feuerhelm. London: Self Publish, Be Happy, 2012. Edition of 250 copies. SPBH Book Club Vol. III. By Cristina de Middel. London: Self Publish, Be Happy, 2013. ASIN B00D18UQ0C. Edition of 500 copies. SPBH Book Club Vol. IV. By Mariah Robertson. London: Self Publish, Be Happy, 2013. ASIN B00K8KVUQK. Edition of 500 copies. Dalston Anatomy. By Lorenzo Vitturi. London: Self Publish, Be Happy, 2013. ASIN B00GI7KR6G. Edition of 700 copies. London: Self Publish, Be Happy, 2014. Edition of 1000 copies. SPBH Book Club Vol. V. By Esther Teichmann. London: Self Publish, Be Happy, 2014. ASIN B00MP2Y6J2. Edition of 500 copies. SPBH Book Club Vol. VI. By Melinda Gibson. London: Self Publish, Be Happy, 2014. Edition of 300 copies.
SPBH Book Club Vol. VII. By Lucas Blalock. London: Self Publish, Be Happy, 2014. ASIN B00VA3BUB4. Edition of 300 copies. 2010: Self Publish, Be Happy Weekend, Photographers' Gallery, London, 5–6 June 2010. 2013: Compilation Tokyo, Tokyo, 6–7 April 2013. A SPBH Live event where artists produced a publication live in front of an audience; this event produced Compilation Tokyo with Itami, Koji Kitagawa, Taisuke Koyama, Shinryo Saeki, Masafumi Shirakami, Hirosh Takagi, Hiroshi Takizawa, Kenji Hirasawa, Daisuke Yokota and Anne Schwalbe. 2015: Jimmy Limit with Self Publish, Be Happy, Scotiabank Contact Photography Festival, Canada, 2 May 2015. 2015: Offprint London, Tate Modern, London, 22–25 May 2015. 2015: Business as Usual: Self Publish, Be Happy in Residence, Photographers' Gallery, London, 20–27 November 2015. The SPBH office set up in the gallery, plus daily events. Awards received for Self Publish, Be Happy publications: 2016: Fire in Cairo by Matthew Connors won Artist's Book award, Infinity Awards, International Center of Photography, New York, NY List of self-publishing companies Small press Official website Interview with Bruno Ceschel at Photomonitor.
Studio Visit: Self Publish Be Happy by Patricia Karallis at Paper Journal
Ryan O'Hara is an Australian professional rugby league footballer who plays for the Jacksonville Axemen in the USA Rugby League. A New South Wales State of Origin representative forward, he played in the NRL for the Canberra Raiders and the Wests Tigers, he plays as a prop. O'Hara was born in Australia. A Hunter Mariners junior, O'Hara made his NRL début as a 20-year-old and won the Canberra Raiders' Rookie of the Year award in 2001, he made his representative début for Country in the City v Country Origin match of 2003. The following year he was selected to represent New South Wales in Game I of the 2004 State of Origin series. In his first four seasons with the Raiders, he played in 92 games, but only made 3 appearances in 2005. Having joined the premiership-winning Wests Tigers at the close of the 2005 NRL season, O'Hara first played for them in the 2006 World Club Challenge loss to Bradford Bulls in England, he was bought by coach Tim Sheens to add some size to the small Wests Tigers pack and was a regular in first grade in 2006, playing in 22 games.
For the next two seasons he managed just eight appearances, was described as one of the worst buys in NRL history. He played four games before having his jaw broken, he returned to lower grades towards the end of the season, before having his jaw broken again at the start of 2008, didn't return to first grade until round 22. At the end of the 2008 NRL season O'Hara moved to Wales to play in the Super League for the Crusaders, he spent three seasons at the club before joining Hull KR. O'Hara suffered an Achilles injury in the 2013 pre-season. Months he was still described as being out indefinitely, made no further appearances for the club. Announcing his departure to Lézignan Sangliers, O'Hara said, "I've had a good time in England and Wales for the last five seasons. My two years here at Hull KR have been quite upsetting for me though because of the injuries I've had. That’s nobody’s fault, just bad luck really."Later in 2014, O'Hara joined The Entrance Tigers in the Ron Massey Cup, co-captaining them to a grand final victory.
First Grade Debut: Round 3, Canberra v Cronulla at Toyota Park, 3 March 2001. State of Origin: Selected for New South Wales, in game I of the 2004 State of Origin series. Crusaders profile Ryan O'Hara at NRL.com
A public company, publicly traded company, publicly held company, publicly listed company, or public limited company is a corporation whose ownership is dispersed among the general public in many shares of stock which are traded on a stock exchange or in over the counter markets. In some jurisdictions, public companies over a certain size must be listed on an exchange. A public company can be unlisted. Public companies are formed within the legal systems of particular nations, therefore have national associations and formal designations which are distinct and separate. For example one of the main public company forms in the United States is called a limited liability company, in France is called a "society of limited responsibility", in Britain a public limited company, in Germany a company with limited liability. While the general idea of a public company may be similar, differences are meaningful, are at the core of international law disputes with regard to industry and trade. In the early modern period, the Dutch developed several financial instruments and helped lay the foundations of modern financial system.
The Dutch East India Company became the first company in history to issue bonds and shares of stock to the general public. In other words, the VOC was the first publicly traded company, because it was the first company to be actually listed on an official stock exchange. While the Italian city-states produced the first transferable government bonds, they did not develop the other ingredient necessary to produce a fledged capital market: corporate shareholders; as Edward Stringham notes, "companies with transferable shares date back to classical Rome, but these were not enduring endeavors and no considerable secondary market existed." The securities of a publicly traded company are owned by many investors while the shares of a held company are owned by few shareholders. A company with many shareholders is not a publicly traded company. In the United States, in some instances, companies with over 500 shareholders may be required to report under the Securities Exchange Act of 1934. Public companies possess some advantages over held businesses.
Publicly traded companies are able to raise funds and capital through the sale of shares of stock. This is the reason publicly traded corporations are important; the profit on stock is gained in form of capital gain to the holders. The financial media and the public are able to access additional information about the business, since the business is legally bound, motivated, to publicly disseminate information regarding the financial status and future of the company to its many shareholders and the government; because many people have a vested interest in the company's success, the company may be more popular or recognizable than a private company. The initial shareholders of the company are able to share risk by selling shares to the public. If one were to hold a 100% share of the company, he or she would have to pay all of the business's debt; this increases asset liquidity and the company does not need to depend on funding from a bank. For example, in 2013 Facebook founder Mark Zuckerberg owned 29.3% of the company's class A shares, which gave him enough voting power to control the business, while allowing Facebook to raise capital from, distribute risk to, the remaining shareholders.
Facebook was a held company prior to its initial public offering in 2012. If some shares are given to managers or other employees, potential conflicts of interest between employees and shareholders will be remitted; as an example, in many tech companies, entry-level software engineers are given stock in the company upon being hired. Therefore, the engineers have a vested interest in the company succeeding financially, are incentivized to work harder and more diligently to ensure that success. Many stock exchanges require that publicly traded companies have their accounts audited by outside auditors, publish the accounts to their shareholders. Besides the cost, this may make useful information available to competitors. Various other annual and quarterly reports are required by law. In the United States, the Sarbanes–Oxley Act imposes additional requirements; the requirement for audited books is not imposed by the exchange known as OTC Pink. The shares may be maliciously held by outside shareholders and the original founders or owners may lose benefits and control.
The principal-agent problem, or the agency problem is a key weakness of public companies. The separation of a company's ownership and control is prevalent in such countries as U. K and U. S. In the United States, the Securities and Exchange Commission requires that firms whose stock is traded publicly report their major shareholders each year; the reports identify all institutional shareholders, all company officials who own shares in their firm, any individual or institution owning more than 5% of the firm's stock. For many years, newly created companies were held but held initial
Deloitte Touche Tohmatsu Limited referred to as Deloitte, is a multinational professional services network. Deloitte is one of the "Big Four" accounting organizations and the largest professional services network in the world by revenue and number of professionals. Deloitte provides audit, consulting, enterprise risk and financial advisory services with more than 286,200 professionals globally. In FY 2018, the network earned a record $43.2 billion USD in aggregate revenues. As of 2017, Deloitte is the 4th largest owned company in the United States; as of 2015, Deloitte has the highest market share in auditing among the top 500 companies in India. Deloitte has been ranked number one by market share in consulting by Gartner, for the fourth consecutive year, Kennedy Consulting Research and Advisory ranks Deloitte number one in both global consulting and management consulting based on aggregate revenue. In 1845, William Welch Deloitte opened an office in United Kingdom. Deloitte was the first person to be appointed an independent auditor of a public company, namely the Great Western Railway.
He went on to open an office in New York in 1880. In 1890, Deloitte opened a branch office on Wall Street headed by Edward Adams and P. D. Griffiths as branch managers; that was Deloitte's first overseas venture. Other branches were soon opened in Chicago and Buenos Aires. in 1898 P. D. Griffiths became a partner in the London office. In 1896, Charles Waldo Haskins and Elijah Watt Sells formed Sells in New York, it was described as "the first major auditing firm to be established in the country by American rather than British accountants". In 1898, George Touche established an office in London and in 1900, joined John Ballantine Niven in establishing the firm of Touche Niven in the Johnston Building at 30 Broad Street in New York. On 1 March 1933, Colonel Arthur Hazelton Carter, President of the New York State Society of Certified Public Accountants and managing partner of Haskins & Sells, testified before the U. S. Senate Committee on Banking and Currency. Carter helped convince Congress. In 1947, Detroit accountant George Bailey president of the American Institute of Certified Public Accountants, launched his own organization.
The new entity enjoyed such a positive start that in less than a year, the partners merged with Touche Niven and A. R. Smart to form Touche, Bailey & Smart. Headed by Bailey, the organization grew in part by creating a dedicated management consulting function, it forged closer links with organizations established by the co-founder of Touche Niven, George Touche: the Canadian organization Ross and the British organization George A. Touche. In 1960, the firm was renamed Touche, Bailey & Smart, becoming Touche Ross in 1969. In 1968 Nobuzo Tohmatsu formed Tohmatsu Aoki & Co, a firm based in Japan, to become part of the Touche Ross network in 1975. In 1972 Robert Trueblood, Chairman of Touche Ross, led the committee responsible for recommending the establishment of the Financial Accounting Standards Board. In 1952, Deloitte's firm merged with Sells to form Deloitte Haskins & Sells. In 1989, Deloitte Haskins & Sells merged with Touche Ross in the USA to form Touche; the merged firm was led jointly by Edward A. Kangas.
Led by the UK partnership, a smaller number of Deloitte Haskins & Sells member firms rejected the merger with Touche Ross and shortly thereafter merged with Coopers & Lybrand to form Coopers & Lybrand Deloitte. Some member firms of Touche Ross rejected the merger with Deloitte Haskins & Sells and merged with other firms. In UK, Touche Ross merged with Spicer & Oppenheim in 1990. At the time of the US-led mergers to form Deloitte & Touche, the name of the international firm was a problem, because there was no worldwide exclusive access to the names "Deloitte" or "Touche Ross" – key member firms such as Deloitte in the UK and Touche Ross in Australia had not joined the merger; the name DRT International was therefore chosen, referring to Deloitte and Tohmatsu. In 1993, the international firm was renamed Deloitte Touche Tohmatsu. In 1995, the partners of Deloitte & Touche decided to create Touche Consulting Group. In 2000, Deloitte acquired Eclipse to add Internet design-based solutions to its consulting capabilities.
Eclipse was separated into Deloitte Online and Deloitte Digital. In 2002, Arthur Andersen's UK practice, the firm's largest practice outside the US, agreed to merge with Deloitte's UK practice. Andersen's practices in Spain, the Netherlands, Belgium, Mexico and Canada agreed to merge with Deloitte; the spinoff of Deloitte France's consulting division led to the creation of Ineum Consulting. In 2005, Deloitte acquired Beijing Pan-China CPA to become the largest accountancy firm in China. Just prior to this acquisition Deloitte China had about 3,200 employees; this acquisition was part of a five-year plan to invest $150 million in China. Deloitte has had a presence in China since 1917. In 2007, Deloitte began hiring former employees of the Central Intelligence Agency for their competitive intelligence unit known as Deloitte Intelligence. In 2009, Deloitte purchased the North American public service practice of BearingPoint for $350 million after it filed for bankruptcy protection. Deloitte LLP took over the UK property consultants Drivers Jonas in January 2010.
As of 2013, this business unit was known as Deloitte Real Estate. In 2011, Deloitte acquired DOMANI Sustainability Consulting and ClearCarbon Consulting in orde
Apollo Global Management
Apollo Global Management, LLC is an American public equity firm, founded in 1990 by former Drexel Burnham Lambert banker Leon Black. The firm specializes in leveraged buyout transactions and purchases of distressed securities involving corporate restructuring, special situations, industry consolidations. Apollo is headquartered in New York City, has offices in Purchase, New York, Los Angeles, London, Luxembourg, Singapore, Hong Kong and Mumbai; as of March 2018, Apollo managed over US$247 billion of investor commitments across its private equity and real asset funds and other investment vehicles, making it the second-largest US-based alternative asset management firm. Among the most notable companies owned by Apollo are Claire's, Caesars Entertainment Corporation, CareerBuilder, Novitex Enterprise Solutions, ADT, Rackspace. Apollo referred to as Apollo Advisors, was founded in 1990, on the heels of the collapse of Drexel Burnham Lambert in February 1990, it was founded by Leon Black, the former head of Drexel's mergers and acquisitions department, along with other Drexel alumni.
Among the most notable founders are John Hannan, Drexel's former co-director of international finance. Other founding partners included Marc Rowan, Josh Harris and Michael Gross, who both worked under Black in the mergers and acquisitions department, Antony Ressler, who worked as a senior vice president in Drexel's high yield department with responsibility for the new issue/syndicate desk. Less than six months after the collapse of Drexel, the founders of Apollo had begun a series of ventures. Apollo Investment Fund L. P. the first of their private equity investment funds, was formed to make investments in distressed companies. Apollo's first fund raised $400 million of investor commitments on the strength of Black's reputation as a prominent lieutenant of Michael Milken and key player in the buyout boom of the 1980s. Lion Advisors was set up to provide investment services to Credit Lyonnais, seeking to profit from depressed prices in the high yield market. At the time of Apollo's founding, financing for new leveraged buyouts was minimal and Apollo turned instead to a strategy of distressed-to-control takeovers.
Apollo would purchase distressed securities which could be converted into a controlling interest in the equity of the company through a bankruptcy reorganization or other restructuring. Apollo used distressed debt as an entry point, enabling the firm to invest in such firms as Vail Resorts, Walter Industries and Samsonite. Early on, Apollo made a name for itself by acquiring interests in companies that Drexel had helped finance by purchasing high-yield bonds from failed savings and loans and insurance companies. Apollo acquired several large portfolios of assets from the U. S. government's Resolution Trust Corporation. One of Apollo's earliest and most successful deals involved the acquisition of Executive Life Insurance Company's bond portfolio. Using this vehicle, Apollo would purchase the Executive Life portfolio, generating tremendous profits when the value of high yield bonds recovered, but resulting in a variety of state regulatory issues for Apollo and Credit Lyonnais over the purchase.
More than a decade after the purchase, in 2002, California Attorney General Bill Lockyer accused Apollo, Leon Black, an investor group led by French bank Credit Lyonnais of illegally acquiring the assets and bond portfolio of Executive Life Insurance Co. in 1991. According to the State of California, Lion violated a California law that prohibited foreign government-owned banks from owning California insurance companies. In 1993, Apollo Real Estate Advisers was founded in collaboration with William Mack to seek opportunities in the U. S. property markets. Apollo Real Estate Investment Fund, L. P. the first in a family of real estate "opportunity funds", was closed in April 1993 with $500 million of investor commitments. In 2000, Apollo exited the partnership, which continued to operate as Apollo Real Estate Advisers until changing its name to AREA Property Partners, effective January 15, 2009; that firm is owned and controlled by its remaining principals, who include William Mack, Lee Neibart, William Benjamin, John Jacobsson, Stuart Koenig and Richard Mack.
Apollo Real Estate Investment Fund, L. P. the first in a family of real estate "opportunity funds" was closed in April 1993 with $500 million of investor commitments. As of 2008, the firm was investing out of three funds: Apollo Real Estate Investment Fund V, Apollo European Real Estate Fund II, Apollo Value Enhancement Fund VII. In 2004, Apollo Real Estate acquired the Value Enhancement Funds family of investment vehicles to broaden its offerings in the "value-added" segment of the real estate investment spectrum. Apollo operates a real estate mezzanine lending program and real estate securities hedge fund called Claros Real Estate Securities Fund, L. P. In 1995, Apollo raised its third private equity fund, Apollo Investment Fund III, with $1.5 billion of investor commitments from investors that included CalPERS and the General Motors pension fund. Unlike its first two funds and funds, Fund III would prove only an average performer for private equity funds of its vintage. Among the investments made in Fund III were: Alliance Imaging, Allied Waste Industries, Breuners Home Furnishings, Levitz Furniture, Communications Corporation of America, Dominick's, Move.com, NRT Incorporated, Pillowtex Corporation, Telemundo and WMC Mortgage Corporation.
In 1995, Apollo fou