Strategic Acquisition to Add US Wealth Distribution Team and Individual Investor-Focused Real Estate and Credit Products with Over $5 Billion of AUM
NEW YORK, Dec. 02, 2021 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that it has entered into a definitive agreement to acquire the US wealth distribution and asset management businesses of Griffin Capital (“Griffin”). The acquisition is a significant step in building Apollo’s Global Wealth Management Solutions business, which is focused on the development and distribution of alternatives to individual investors and their wealth advisors.
Established in 1995, Griffin has a long and successful track record of providing alternative investment solutions to advisors across the US. Griffin’s approximately 60 client-facing distribution professionals work across the wealth management landscape and are particularly well-established in the independent channel, a complement to Apollo’s focus to-date on private banks, wirehouses, RIAs and family offices. Apollo intends to integrate the team into its Global Wealth business, rapidly scaling the strategic initiative. The acquisition also adds valuable technology, infrastructure and hundreds of distribution agreements to the Global Wealth platform.
In addition, Apollo will acquire Griffin’s asset management business, which includes a strong investment team and over $5 billion of AUM in individual investor-focused products. Griffin, a pioneer in bringing alternatives to individual investors, was one of the earliest firms to launch the interval fund structure.
Apollo CEO Marc Rowan said, “The democratization of finance brings tremendous opportunity for individual investors to access alternatives. With the acquisition of Griffin, we will significantly advance our US wealth market growth plans that we presented at our recent Investor Day. As one of the first firms to bring alternative strategies to the individual investor and advisor market in the US, Griffin has built trusted relationships over 20-plus years, and in combination with Apollo can offer the market a broader set of solutions.”
“The world of alternative investments is vast and competitive, and partnering with a world-class asset manager like Apollo is a logical step in the growth and evolution of Griffin,” commented Kevin Shields, Chairman and CEO of Griffin Capital. “Apollo is committed to building its Global Wealth business, and they have the resources to foster growth of our existing interval fund business and bring creative, new alternative solutions to individual investors. I could not be more thrilled that Apollo recognizes the talent of the Griffin team, across distribution, asset management and supporting functions,” continued Shields.
Stephanie Drescher, Chief Client and Product Development Officer of Apollo, said, “This transaction turbocharges our efforts in the US wealth market by integrating a team that has been singularly focused on serving individuals and advisors through alternative …….