Apollo to acquire Griffin Capital’s prosperity and asset administration business with far more than $5 billion in AUM

Apollo World-wide Management Inc.
APO,
+3.31%
mentioned Thursday it has agreed to receive the U.S. wealth distribution and asset administration companies of Griffin Cash, adding extra than $5 billion in belongings under administration. Conditions of the offer were being not disclosed, whilst the private-equity huge explained it expects to close in the initial half of 2022 and to be breakeven to for every-share earnings in 2022 and become a “significant” driver of earnings development in the coming a long time. Griffin was shaped in 1995 and has designed a monitor history as a supplier of choice investments to advisors in the U.S. “Griffin’s about 60 shopper-dealing with distribution industry experts get the job done throughout the wealth administration landscape and are especially nicely-established in the independent channel, a complement to Apollo’s concentrate to-date on non-public financial institutions, wirehouses, RIAs and family workplaces,” the organization mentioned in a statement. “Apollo intends to integrate the staff into its World Wealth enterprise, fast scaling the strategic initiative. The acquisition also provides beneficial technological innovation, infrastructure and hundreds of distribution agreements to the Worldwide Prosperity system.” Apollo shares have been not yet active premarket, but have gained 44% in the yr to day, although the S&P 500
SPX,
+1.15%
has attained 20%.