Apollo posts record profits

Michael Bow
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APOLLO Global Management, the US-based private equity house led by Leon Black, yesterday posted its best ever quarter as a listed company.

The business, which floated in 2008, said total economic net income was $792.4m (£509.7m) for the first quarter versus $462m a year ago.

Strong equity markets helped drive the results, as it sold off investments in firms it owns.