Apollo Global Management, Inc. (APO) is a global alternative asset manager and retirement services provider, founded in 1990. The company specializes in managing investments across various asset classes and providing retirement savings products through its subsidiary, Athene. Apollo's operations are divided into three main segments, offering a diverse range of financial services and investment solutions to institutional and individual clients worldwide.
- Retirement Services - Issues, reinsures, and acquires retirement savings products, including fixed annuities, while generating revenue from premiums, product charges, and net investment income.
- Asset Management - Manages funds, accounts, and investment vehicles across yield, hybrid, and equity strategies for institutional and individual investors, earning fees for investment management and capital solutions.
- Principal Investing - Focuses on proprietary investments, including Apollo's own funds and strategic opportunities, aiming to generate long-term returns across various asset classes.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
James Belardi ExecutiveBoard | Chairman and CEO of Athene | Board member of Paulist Productions and Southern California Aquatics | Co-founder of Athene Holding Ltd. in 2009, with extensive experience in the insurance and financial services industries. | |
James Zelter ExecutiveBoard | President | Trustee of Duke University, Board member of the Robert Toigo Foundation, Partnership for New York City, The Bridge Golf Foundation, and Weill Cornell Medicine Board of Fellows | Joined Apollo in 2006, previously CIO of Apollo's credit business and Co-President of Apollo Asset Management. Extensive expertise in global credit markets and alternative investments. | |
Marc Rowan ExecutiveBoard | Chief Executive Officer (CEO) | Chair of the Board of Advisors of the Wharton School, Trustee of the University of Pennsylvania, Chair of UJA-Federation of New York, Board member of Athora Holding Ltd. and OpenDor Media | Co-founder of Apollo in 1990, CEO since 2021, with over 36 years of experience in private equity and financial services investing. | |
John Zito Executive | Co-President of Apollo Asset Management | None listed | Joined Apollo in 2012, currently Co-President of AAM and Head of Credit, with extensive experience in credit markets and investment management. | |
Martin Kelly Executive | Chief Financial Officer (CFO) | Trustee of the U.S. Olympic and Paralympic Foundation, Trustee of The Westminster School, Advisor to the Audit and Risk Committees of The Hotchkiss School | Joined Apollo in 2012, previously CFO of Apollo Asset Management and Co-COO of AGM. Extensive experience in financial operations and risk management. | |
Scott Kleinman Executive | Co-President | Board member of Athora Holding Ltd., Advisor to the University of Pennsylvania Stuart Weitzman School of Design, Board of Advisors of Nature Conservancy New York | Joined Apollo in 1996, Co-President since 2018, co-leads Apollo's day-to-day operations and revenue-generating businesses. | |
Whitney Chatterjee Executive | Chief Legal Officer | None | Joined Apollo in 2024 as Chief Legal Officer. Previously a partner at Sullivan & Cromwell LLP, with over 20 years of experience in financial services and investment management law. | |
A.B. Krongard Board | Independent Director | Chair of the Nominating and Corporate Governance Committee at Iridium Communications Inc., Member of the Audit Committee at Icahn Enterprises L.P. | Former Executive Director of the CIA and CEO of Alex Brown, with extensive leadership experience in corporate governance and public service. | |
David Simon Board | Independent Director | Chairman, CEO, and President of Simon Property Group; Chairman of the Supervisory Board of Kl\u00e9pierre S.A. | Chairman and CEO of Simon Property Group since 1995, with extensive experience in real estate and corporate leadership. | |
Jessica Bibliowicz Board | Independent Director | Board member of Prudential Insurance Funds, Trustee of Cornell University, New York-Presbyterian, and Chair of the Board of Fellows of Weill Cornell Medicine | Former CEO and Chair of National Financial Partners, with over 30 years of experience in financial services and corporate governance. | |
Kerry Murphy Healey Board | Independent Director | Trustee of American University of Afghanistan, American University of Bahrain, and Western Governors University; Member of the Council on Foreign Relations and Trilateral Commission | Former Lieutenant Governor of Massachusetts and President of Babson College, with a strong background in public service, academia, and corporate governance. | |
Lynn Swann Board | Independent Director | President of Swann, Inc.; Board member of Xylem Inc. and American Homes 4 Rent | Former Pro Football Hall of Fame inductee, media personality, and USC Athletic Director, with extensive board experience in public and private companies. | |
Michael Ducey Board | Independent Director | None currently listed | Former non-executive Chairman of TPC Group and board member of multiple companies, with extensive experience in audit and governance. | |
Mitra Hormozi Board | Independent Director | Partner at Walden Macht & Haran LLP, Director of several U.S. subsidiaries of Athene Holding Ltd. | Former EVP and General Counsel of Revlon, with extensive legal and regulatory expertise. | |
Pamela Joyner Board | Independent Director | Founding Partner of Avid Partners LLC, Trustee of Dartmouth College, Art Institute of Chicago, and J. Paul Getty Trust | Over 30 years of experience in finance and corporate governance, with significant contributions to the arts and education sectors. | |
Patrick Toomey Board | Independent Director | None listed | Former U.S. Senator for Pennsylvania (2011-2023), with expertise in economic and tax policy, financial regulation, and budgetary issues. | |
Pauline Richards Board | Independent Director | COO of Trebuchet Group Holdings Limited, Director of Hamilton Insurance Group, Member of the Audit and Governance Committees of Wyndham Hotels and Resorts | Extensive finance and governance experience, with leadership roles in both public and private companies. | |
Walter (Jay) Clayton Board | Independent Chair of the Board | Board member of American Express Company, Trustee of Lehigh University, Member of FDIC Systemic Resolution Advisory Committee, Adjunct Professor at University of Pennsylvania | Former Chair of the SEC (2017-2020), brings expertise in financial stability, cybersecurity, and capital markets regulation. |
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With your origination reaching $62 billion this quarter and annualizing close to $250 billion, are there capacity constraints that prevent you from increasing your annual origination target beyond $275 billion over the next five years, and how would exceeding this target impact the allocation among third-party, Athene, and syndication channels?
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Given that the sidecar vehicle ADIP's participation in new business has been less than the historical 40–45% year-to-date, what factors are influencing this lower contribution, and how do you see this evolving in the coming years, particularly in relation to maintaining Athene's dividend at $750 million annually?
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Considering the strong returns from Athene's alternative portfolio and the recent repositioning, is the allocation shift to have approximately 80% in AAA sufficient to maintain the expected 11% normalized return going forward, and are there any remaining steps needed to align the portfolio fully?
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With other asset managers reporting margin pressures due to increased payments to distribution platforms in the wealth management build-out, why aren't you experiencing similar headwinds, and could you elaborate on your expense structure in retail distribution compared to peers?
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Retirement services outflows improved to around a 10% annualized rate this quarter, but without visibility into 2025, can you provide guidance on how liability outflows are expected to trend next year, and whether they will remain consistent with 2024 levels or exhibit significant deviations?
Research analysts who have asked questions during Apollo Global Management earnings calls.
Patrick Davitt
Autonomous Research
4 questions for APO
William Katz
TD Cowen
4 questions for APO
Alexander Blostein
Goldman Sachs
3 questions for APO
Glenn Schorr
Evercore ISI
3 questions for APO
Kenneth Worthington
JPMorgan Chase & Co.
3 questions for APO
Michael Brown
Wells Fargo Securities
3 questions for APO
Steven Chubak
Wolfe Research
3 questions for APO
Benjamin Budish
Barclays PLC
2 questions for APO
Brennan Hawken
UBS Group AG
2 questions for APO
Brian Bedell
Deutsche Bank
2 questions for APO
Craig Siegenthaler
Bank of America
2 questions for APO
John Barnidge
Piper Sandler
2 questions for APO
Michael Cyprys
Morgan Stanley
2 questions for APO
Alex Blostein
Goldman Sachs
1 question for APO
Ben Budish
Barclays PLC
1 question for APO
Daniel Fannon
Jefferies Financial Group Inc.
1 question for APO
Ken Worthington
JPMorgan Chase & Co.
1 question for APO
Kyle Voigt
Keefe, Bruyette & Woods
1 question for APO
Wilma Burdis
Raymond James Financial
1 question for APO
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Barnes Group Inc. | 2024 | Apollo Global Management’s affiliates agreed to acquire Barnes Group Inc. for approximately $3.6 billion, with stockholders to receive $47.50 per share; the transaction is expected to close in the first quarter of 2025. |
U.S. Silica Holdings, Inc. | 2024 | Apollo Global Management’s affiliates are set to acquire U.S. Silica at an enterprise value of about $1.85 billion in an all-cash deal, featuring an 18.7% to 33.0% premium pricing, a 45-day “go-shop” period, and an expected closing in the third quarter of 2024. |
Univar Solutions | 2023 | Apollo Global Management completed the acquisition of Univar Solutions for $8 billion, demonstrating its expertise in structuring complex deals in the chemicals industry amid market turbulence. |
Arconic | 2023 | Apollo’s private equity funds acquired Arconic for $5 billion, reinforcing their strategy of leveraging opportunities in the industrial and aluminum products sector during market dislocation. |
Credit Suisse’s Securitized Products Group | 2023 | Apollo Global Management acquired Credit Suisse’s Securitized Products Group via Atlas Securitized Products Holdings LP for a total price of $3.3 billion, including deferred payments and backed by several Apollo subsidiaries, as part of its strategy to expand its investment-grade private credit capabilities. |
Griffin Capital’s U.S. Wealth Distribution Business | 2022 | In March 2022, Apollo Global Management acquired Griffin Capital’s U.S. Wealth Distribution Business (along with its subsequent U.S. Asset Management Business phase) to expand its reach in independent broker-dealer and wirehouse distribution channels, enhancing its Global Wealth Management Solutions platform. |
Griffin Capital’s U.S. Asset Management Business | 2022 | Completed on May 3, 2022, this acquisition involved a closing consideration of about $213 million with up to $64 million in contingent consideration, and added roughly $6.5 billion to Apollo’s AUM while rebranding Griffin’s institutional funds as part of Apollo’s diversified product offering. |
Recent press releases and 8-K filings for APO.
- Apollo has formed a strategic partnership with Trade Republic, Europe's largest savings platform, to expand access to Private Markets.
- This collaboration enables Trade Republic's 10 million customers to invest in private markets from as little as 1 euro, offering fractional investing and monthly selling options, which significantly lowers the barrier compared to typical fund minimums of 10,000 euro.
- The partnership aims to democratize private markets, allowing retail investors to diversify their portfolios and access an asset class that has historically outperformed public markets.
- Apollo partner and chief economist, Torsten Slok, indicates that the Fed's latest Beige Book survey shows "little to no growth" in recent weeks, raising concerns for the upcoming jobs report.
- Slok identifies three primary headwinds to the economic outlook: tariffs, immigration restrictions and deportations (reducing the labor force), and the restarting of student loan payments (impacting consumption).
- These factors contribute to a "stagflation" scenario, characterized by higher prices and a slowing labor market, which presents a challenge for the Federal Reserve.
- Data from the JOLTS report and the Beige Book, along with other anecdotes, suggest further weakness in the labor market, with the unemployment rate expected to rise.
- Slok agrees with Fed Governor Chris Waller that the Federal Reserve should consider rate cuts sooner rather than later from a risk management perspective if the labor market continues to deteriorate.
- Apollo managed funds, in conjunction with Sumitomo Corporation, SMBC Aviation Capital, and Brookfield, have reached a definitive agreement to acquire Air Lease Corporation in a 100% cash transaction.
- The acquisition will be executed via a newly established entity, Sumisho Air Lease Corporation (Ireland) DAC, with Air Lease being renamed Sumisho Air Lease Corporation.
- Apollo and Brookfield will provide capital to support this acquisition.
- The newly formed Sumisho Air Lease is anticipated to be an investment-grade rated aircraft leasing company.
- Apollo Silver Corp. (APO) intends to proceed with a 5-for-1 share consolidation, meaning five pre-Consolidation Shares will become one post-Consolidation Share.
- This action will reduce the number of issued and outstanding shares from 242,585,395 to approximately 48,517,079.
- The consolidation was approved by the Company’s Board of Directors on October 2, 2024, and does not require shareholder approval.
- The consolidation remains subject to regulatory approval from the TSX Venture Exchange.
- Apollo Global Management is preparing to launch a $5 billion sports investment vehicle, marking its first permanent capital allocation dedicated to the sports sector.
- This vehicle will focus on lending to sports leagues and teams and acquiring stakes in clubs, signaling a long-term strategy that includes hiring new leadership.
- Apollo has previously engaged in sports finance, including lending £80 million to Nottingham Forest and £40 million to Sports Invest Holdings.
- Despite this new initiative, Apollo's shares are down over 16% year-to-date.
- Sompo Holdings has agreed to acquire Aspen Insurance Holdings Limited, a specialty insurer and reinsurer, for approximately $3.5 billion or $37.50 per Class A share.
- The acquisition aligns with Sompo's Mid-Term Management Plan to expand its global insurance and reinsurance operations, aiming to enhance earnings per share and achieve consolidated ROE targets.
- Aspen, which reported a net income of $486 million in 2024, will become a wholly owned subsidiary of Sompo following met shareholder and regulatory approvals.
- The merger is expected to bolster Sompo's position as a leading global insurance player by integrating Aspen's specialty insurance capabilities.
- Apollo Global Management, Inc. (APO) issued $500,000,000 aggregate principal amount of its 5.150% Senior Notes due 2035 on August 12, 2025.
- The notes will bear interest at a rate of 5.150% per annum, payable semi-annually on February 12 and August 12, commencing February 12, 2026, and will mature on August 12, 2035.
- The company intends to use the proceeds for general corporate purposes, including to repay senior secured notes and certain other indebtedness of Bridge Investment Group Holdings LLC upon the consummation of its acquisition.
- Apollo Global Management, Inc. has priced an offering of $500 million aggregate principal amount of its 5.150% Senior Notes due 2035.
- The notes will bear interest at a rate of 5.150% per annum, payable semi-annually.
- The net proceeds from the Offering will be approximately $495.5 million.
- Apollo intends to use the proceeds for general corporate purposes, including to repay outstanding senior secured notes and other indebtedness of Bridge Investment Group Holdings LLC upon the consummation of the previously announced acquisition of Bridge Investment Group Holdings Inc..
- Apollo Global Management has agreed to acquire a majority stake in Stream Data Centers, marking its first acquisition in the digital infrastructure sector.
- This acquisition is driven by rising demand fueled by artificial intelligence growth and enables Apollo-managed funds to potentially deploy billions of dollars into next-generation digital infrastructure.
- Apollo plans to accelerate site development for 650 megawatts of near-term power capacity to meet increasing demand from hyperscale cloud and AI providers.
- The transaction, which is expected to close this year, aligns with Apollo's broader strategy to significantly expand investments in renewable energy, digital platforms, and compute capacity, following approximately $38 billion deployed since 2022.
- Apollo Global Management has launched the Securitize Tokenized Apollo Diversified Credit Fund (ACRED), a blockchain-based fund that allows investors to access its private credit strategy via digital tokens. Since its launch in January, the fund has attracted over $100 million in investments.
- The ACRED fund requires a minimum investment of $50,000 and charges a 2% management fee.
- Investors can mint a second token, sACRED, which can be used as collateral on decentralized finance (DeFi) platforms to borrow stablecoins, enabling leveraged exposure to Apollo’s loan book, though this increases risk.
- This initiative reflects a broader trend on Wall Street, with other major asset managers exploring blockchain integration, and JP Morgan considering loans backed directly by cryptocurrencies, facilitated by recent legal changes to the US Uniform Commercial Code.