Marc Rowan, co-founder and senior managing director of Apollo World-wide Administration LLC, speaks at the annual Milken Institute World wide Convention in Beverly Hills, California, U.S., on Tuesday, April 29, 2014.
Patrick T. Fallon | Bloomberg | Getty Photos
Apollo Worldwide Management said it would invest in the U.S. prosperity-distribution and asset-administration corporations of Griffin Cash for an undisclosed sum, as it appears to be to improve its choices for prosperous clients.
The deal will incorporate Griffin’s substitute expenditure remedies in the prosperity administration space with Apollo’s aim on private financial institutions, broker-dealer and family workplaces, the asset administration large explained in a assertion on Thursday.
Apollo programs to integrate Griffin’s staff into its world-wide wealth small business, introducing hundreds of distribution agreements to its wealth platform.
Griffin’s asset administration enterprise has far more than $5 billion of assets under administration in unique trader-targeted products and solutions.
“With the acquisition of Griffin, we will appreciably progress our U.S. prosperity market place progress designs that we offered at our recent investor working day,” Apollo Main Government Officer Marc Rowan explained.
The offer is Apollo’s largest expenditure in its world-wide wealth business enterprise and follows sizeable new hires at the company. The buyout agency has also been constructing out its pipeline of alternate solutions for individual traders.
The acquisition is expected to near by the initially 50 percent of 2022.