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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.
| 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?
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 developments and announcements about APO.
8-K Filings
8-K Filing
·Feb 26, 2025, 10:33 PMLeadership ChangesView full 8-K filing →Louis-Jacques Tanguy resigns as Chief Accounting Officer, effective March 1, 2025, to take on a new CFO role at Athene Holding Ltd. Interim responsibilities will be assumed by CFO Martin Kelly until a permanent replacement is named.
Press Releases
Press Release
·Mar 3, 2025, 8:30 PMView full press release →Brown Gibbons Lang & Co. announces that GFL sold its Environmental Services business for an $8B enterprise value. APO Funds now hold a 28% interest as GFL accelerates debt reduction and capital deployment.