Apollo's fourth-quarter profits double
NEW YORK, Feb 8 (Reuters) - Apollo Global Management LLC reported a 95 percent rise in quarterly earnings as strong gains in private equity profits, driven by asset sales, more than compensated for a drop in income in its credit investment business.
The New York-based alternative asset manager said on Friday economic net income, a measure of profitability that takes into account the mark-to-market valuation of its assets, was $696.9 million in the fourth quarter, up from $357 million a year ago.
Cash delivered from carried interest, Apollo's slice of its fund profits, was $562 million, up from $278 million in the fourth quarter of 2011.
Total assets under management were $113 billion at the end of December, compared with $110 billion at the end of September.
Apollo declared a distribution of $1.05 per share for the fourth quarter, bringing full-year distributions to $1.94 per share.
(Reporting by Greg Roumeliotis in New York; Editing by Jeffrey Benkoe)