NEW YORK (Reuters) - Apollo Global Management reported flat second-quarter adjusted net income on Thursday that missed Wall Street's expectations, as a spike in revenue generated from fees was offset by a drop in income from its retirement business.

The New York-based investor in private equity and corporate credit posted second quarter adjusted net income of $1.01 billion, almost the same as a year ago.

That translated into adjusted net income per share of $1.70, which came in lower than the average Wall Street analyst estimate of $1.76, according to LSEG data.

Apollo reported a quarterly record in fee-related earnings of $516 million in the second quarter, a 16.7% rise from the year-earlier period, for asset management and arranging financing for deals.

"We generated record fee related earnings in the second quarter behind particularly strong momentum in asset management," Apollo chief executive officer Mark Rowan said.

Apollo posted a 12.5% decline in spread-related earnings, a performance metric for its Athene retirement-services unit, to $710 million in the second quarter.

Apollo's total assets under management increased by approximately 13% year-over-year to $696 billion, growth split evenly between asset management and retirement services. This was partially offset by $61 billion in outflows and $29 billion in assets being divested.

In the second quarter, Apollo reported a reserve of unspent capital of $68 billion and deployed $70 billion in investments. Debt originations set a quarterly record, reaching $52 billion. The company declared a dividend of 46.25 cents per share.

Apollo inked a series of deals in the last few weeks. The firm agreed to buy British parcel delivery company Evri for 2.7 billion pounds ($3.47 billion) and reached a deal to acquire International Game Technology's gaming division alongside Everi Holdings, a gambling machines company, for a combined $6.3 billion in an all-cash deal. Apollo also provided a $700 million investment to Sony Music Group.

(Reporting by Echo Wang in New York; Editing by Sonali Paul)

By Echo Wang