Apollo Sets Lending Record in Push to Rival Wall Street (3)

Apollo Global Management Inc. set a record in its business of making loans, a crucial plank in the firm’s ambition to become one of the largest underwriters on Wall Street.

The New York-based firm originated a record $97 billion in the fourth quarter, totaling $309 billion for the year, and almost $100 billion more than the year before. The growth of that business also helped drive spread and fee-related earnings to records for the year, the firm said in a statement announcing its fourth-quarter earnings Monday.

“Business is firing on all cylinders,” Chief Executive Officer Marc ...