Apollo Global posts 24 pct rise in Q4 economic net income

Feb 1 (Reuters) - Alternative asset manager Apollo Global Management LLC said on Thursday its fourth-quarter economic net income rose by almost a quarter to $490.3 million year-on-year, boosted by a strong appreciation in its private equity business.

Quarterly economic net income per share came in at $1.22, well ahead of analysts' expectations of 66 cents, according to Thomson Reuters I/B/E/S.

Economic net income reflects the mark-to-market valuation of gains or losses in Apollo's portfolio and is a key earnings metric for U.S. private equity firms. (Reporting by Joshua Franklin; Editing by Lisa Von Ahn)