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Apollo's second-quarter earnings soar on higher fund values

Apollo Global Management LLC on Thursday 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 totaled 50 cents per share, compared with 5 cents a year ago. Analysts, on average, had expected 50 cents, according to a Thomson Reuters poll.

Assets under management totaled $113.1 billion at the end of June, compared with $114.3 billion at the end of March.

Apollo declared a distribution of $1.32 per share.

(Reporting by Greg Roumeliotis in New York; Editing by Maureen Bavdek)