Apollo lift-off hikes dividend

City A.M. Reporter
APOLLO Global Management yesterday reported a tenfold increase in second-quarter profit, in line with analyst expectations, as the value of its funds jumped and it announced its highest ever dividend since it went public in 2011.

Economic net income after taxes totalled 50 cents per share, compared with five cents a share a year ago.

Assets under management totalled $113.1bn at the end of June, compared with $114.3bn at the end of March. Apollo declared a distribution of $1.32 per share.