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NEW YORK (Reuters) - Asset manager Apollo Global Management LLC (APO.N) reported better-than-expected first-quarter earnings on Friday as a stock market rally supported strong gains in private equity investments.
Apollo earned an economic net income, a key earnings metric for U.S. private equity firms that accounts for unrealized investment gains or losses, of $331.6 million after taxes, higher than the $218.6 million earned a year earlier.
That translates to an economic net income of 82 cents a share. Analysts had expected Apollo to post earnings of 64 cents, according to Thomson Reuters I/B/E/S.
Reporting by Koh Gui Qing