Apollo to buy Griffin Capital's wealth-distribution, asset-management units
Reuters
Published Dec 02, 2021 08:29AM ET
Updated Dec 02, 2021 12:27PM ET
(Reuters) - Apollo Global Management (NYSE:APO) Inc said it would buy the U.S. wealth-distribution and asset-management businesses of Griffin Capital for an undisclosed sum, as it looks to boost its offerings for rich clients.
The deal will combine Griffin's alternative investment solutions in the wealth management space with Apollo's focus on private banks, broker-dealer and family offices, the asset management giant said in a statement on Thursday.
Apollo plans to integrate Griffin's team into its global wealth business, adding hundreds of distribution agreements to its wealth platform.
Griffin's asset management business has more than $5 billion of assets under management in individual investor-focused products.
"With the acquisition of Griffin, we will significantly advance our U.S. wealth market growth plans that we presented at our recent investor day," Apollo Chief Executive Officer Marc Rowan said.
The deal is Apollo's largest investment in its global wealth business and follows significant new hires at the firm. The buyout firm has also been building out its pipeline of alternative solutions for individual investors.
The acquisition is expected to close by the first half of 2022.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.