Apollo to Roll Out HNW Retail Business Next Year

By Chris Glynn

Apollo Global Management will pursue the high-net-worth segment of the retail market in 2023 as part of its global strategy, according to its co-founder and chief executive officer Marc Rowan.

Rowan, breakfast speaker for the Milken Institute Global Conference, went on to state the $500 billion alternative investment manager should begin marketing its investment product line—including credit, private equity and infrastructure—before year-end.

“Our client portfolio will [begin to] look different,” said Rowan, adding the retail market should be “50%” invested in alternatives before 2025.

Apollo Global Management in April began expanding its nascent global high-net-worth business, hiring 150 investment personnel from both Goldman Sachs & Company and HSBC.

This week, Apollo Global Management completed its acquisition of the $20 billion Los Angeles private alternative asset manager Griffin Capital Company.