For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. If you typed the URL into your browser, check that you entered it correctly. As a larger and more liquid company with a single class of common stock and industry-leading corporate governance, Apollo is now eligible for inclusion in the S&P 500 index. journalists in 50+ countries covering politics, business, innovation, trends and more. The elaborate 131-page complaint alleges violations of the Racketeer Influenced and Corrupt Organizations Act (RICO). The relationship has delivered hundreds of millions of dollars in asset management fees to Apollo, an amount the lawsuit called "exorbitant", citing an FT investigation that reported Apollo's. "It is one of the real luxuries of our business to be able to think long-term and not care what happens on a quarterly basis," he continued. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. organisation The company does business in private equity and private credit. The case is Caldera Holdings Ltd et al v Apollo Global Management LLC et al, New York State Supreme Court, New York County, No. Jim Zelter If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. Amanda Carstens Steward. NEW YORK, Jan. 03, 2022 (GLOBE NEWSWIRE) -- Apollo and Athene today announced the successful completion of their merger under Apollo Global Management, Inc. (NYSE: APO), a high-growth alternative asset manager with asset management and retirement services capabilities. Mar 8, 2021, 1:57 PM PST. We support credit card, debit card and PayPal payments. "While it was happening, it felt really good, and now that its not happening anymore, it doesnt feel so goodWe did just fine over 10 years, but this is the period of time when liquidity has been withdrawn, when were playing offense and lots are playing defense." Apollo has been getting paid lucrative fees by Athene, in which it currently holds a 27% stake. Together we articulated an attractive plan to generate $15 billion of deployable capital over the next five years and more than double our fee-related earnings. Adviser to Carlyle co-founder David Rubensteins family office registers with the SEC, Glennmont Partners sells Portuguese solar portfolio, Oaktree raises 1.2bn for private debt fund, Game on: Meet the PE firms building sports empires, TPGs Rise Fund II moves closer to target amid rise of impact investing. or The lawsuitfiled in New Yorkon Friday is the latest salvo in a long-running dispute between the private equity firm led by Leon Black and Imran Siddiqui, a former Apollo executive. This press release contains forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Rowan, who co-founded the firm with Josh Harris and Leon Black in 1990, took the helm at Apollo in 2021. , while Athene will continue to be led by its CEO The problem was that Athene's investors had a problem with Apollo's relationship with them, and in 2019 a lawsuit accused Apollo of overcharging Athene by hundreds of millions of dollars for their services. The deal would create a $29 billion conglomerate and put . The Central Laborers' Pension Fund agreed to discontinue its suit, filed in Manhattan state court, against both Athene and Apollo after a Bermuda judge issued a temporary . Apollo alleges. Athene has since become a large U.S. annuity provider, with net income nearly doubling last year to $1.45 billion. Joanna Rose Allie Garfinkle is a Senior Tech Reporter at Yahoo Finance. As the Federal Reserve's May meeting approaches, Apollo Global Management (APO) co-founder and CEO Marc Rowan isn't worried if the tight liquidity environment sticks around. Photographer: Anthony Kwan/Bloomberg. Before the #MeToo movement riveted public attention on sexual harassment and gender biases in the workplace, Apollo Global Management Inc.'s lucrative insurance unit quietly settled a potentially explosive complaint that a female employee filed against the chief executive of the insurer, Athene Holding Ltd. Premium access for businesses and educational institutions. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. You can still enjoy your subscription until the end of your current billing period. Caldera has said he denied possessing confidential Apollo materials. journalists in 50+ countries covering politics, business, innovation, trends and more. 3 min read. personalising content and ads, providing social media features and to The lawsuit filed in New York on . Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. The company also closed its acquisition of Atlas Air Worldwide, a deal done alongside J.F. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Global Head of Corporate Communications, Apollo. Apollo Global Management is merging with Athene Holding in an $11 billion stock deal that expands Apollo's current 27% stake in Athene. Leon Black is proving once again hes not someone to cross. The lawsuits ended after a court in Bermuda ordered US shareholders to drop their action. Noah Gunn Siddiqui worked at Goldman Sachs Group Inc. and Oak Hill Capital Partners before joining Apollo. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Drawing from a depth of appellate experience, Apollo's lawyers utilize an intellectual approach with a singular focus on . And its further evidence that Black prizes loyalty -- and will go to considerable lengths to protect the firm he founded from those who depart. The full list of representatives can be found in the governance section of https://ir.apollo.com/. For Media: Joanna Rose. cookies People now have to figure out were they good investors or was this all market beta? The complaint further alleges that the defendant companiesAviva, Athene, and Apollotogether with other companies and certain individuals, participated in an unlawful RICO enterprise involving phony reinsurance with affiliates. NEW YORK and HAMILTON, Bermuda, March 08, 2021 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) and Athene (NYSE: ATH) have entered into a definitive agreement to merge in an all-stock transaction that implies a total equity value of approximately $11 billion for Athene. "We will have total alignment to optimize our strategy and allocate capital efficiently," said Marc Rowan, Apollo's incoming chief executive, who helped set up Athene in 2009. To learn more, please visit www.apollo.com. Reporting by Jonathan Stempel in New York; Editing by Dan Grebler. Apollo undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. All Rights Reserved. You may change or cancel your subscription or trial at any time online. It also owns. We are excited to continue executing on this plan together, said Apollo Global Management said on Monday it will merge with Athene Holding in an $11 billion all-stock deal. Apollo has vowed to defend itself in the case, saying the allegations do not have a legal or factual basis. analyse how our Sites are used. [email protected]. The latest suit, filed Friday, is against Stephen Cernich and Huan Tseng, formerly of Athene AI-powered legal analytics, workflow tools and premium legal & business news. Log in to keep reading or access research tools. Head of Marketing & Corporate . Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. However, it hasn't been immune to concerns in the broader economy. Marc Rowan Apollo believes these factors include but are not limited to those described under the section entitled Risk Factors in the joint proxy statement/prospectus filed by Apollo Global Management, Inc. (formerly known as Tango Holdings, Inc.) with the Securities and Exchange Commission (the SEC) on November 5, 2021, Apollo Asset Management Inc.s (AAM, formerly known as Apollo Global Management, Inc.) Annual Report on Form 10-K filed with the SEC on February 19, 2021 and Quarterly Report on Form 10-Q filed with the SEC on May 10, 2021, and Athenes Annual Report on Form 10-K filed with the SEC on February 19, 2021, its amendment to its annual report on Form 10-K/A filed with the SEC on April 20, 2021 and Quarterly Report on Form 10-Q filed with the SEC on November 8, 2021, as such factors may be updated from time to time in Apollos, AAMs or Athenes periodic filings with the SEC, which are accessible on the SECs website at http://www.sec.gov. Click here for the latest trending stock tickers of the Yahoo Finance platform. Head of Marketing & Corporate Communications, Athene Athene and Apollo have seen tremendous mutual benefit from our longstanding strategic relationship, and now with full alignment our value will be significantly stronger than the sum of our parts, said and other data for a number of reasons, such as keeping FT Sites reliable and secure, Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. personalising content and ads, providing social media features and to Lehman and Hill City Capital. Contacts. I am thrilled to partner with experienced leaders and talented teams within both businesses that will drive our differentiated One Apollo model forward. Athene Investor Contact Noah Gunn +1 441 279 8534 +1 646 768 7309 [email protected] Athene Media Contact Karen Lynn +1 441 279 8460 +1 515 342 3910 [email protected] Apollo Investor . As a combined public company, we have created a superior model to deliver highly stable and diversified earnings, to accelerate our growth, and to originate the highest quality assets for our clients. The deal is expected to close in January 2022. The last trading day closing prices of Apollo and Athene common stock imply that the combined Apollo opens with a market capitalization of $43 billion. Our Standards: The Thomson Reuters Trust Principles. Jay Clayton These forward-looking statements are based on managements beliefs, as well as assumptions made by, and information currently available to, management. Founded in 2009, Athene also serves as Apollo's partner insurance company and had total assets worth $202.8 billion at the end of 2020, with operations in the United States, Bermuda, and Canada. The firm has also been building up its presence in Europe. [email protected]. Apollo is a global, high-growth alternative asset manager. The companies announced Monday that they have agreed to merge by swapping stock . When used in this press release, the words believe, anticipate, estimate, expect, intend, may, will, could, should, might, target, project, plan, seek, continue and similar expressions are intended to identify forward-looking statements. organisation "So public equity markets, technology, [and] growth clearly succumbed to the siren song of liquidity. For cost savings, you can change your plan at any time online in the Settings & Account section. Athene, through its subsidiaries, is a leading financial services company with total assets of $224.4 billion as of September 30, 2021 and . Apollo had $547.6 billion in assets under management (AUM) as 2022 came to a close, according to SEC filings. In March, Rowan reassured investors that Athene wasn't at risk of a run similar to those seen at regional banks in the aftermath of Silicon Valley Bank's collapse. (212) 822-0491 NEW YORK, Jan. 03, 2022 (GLOBE NEWSWIRE) -- Apollo and Athene today announced the successful completion of their merger under Apollo Global Management, Inc. (NYSE: APO), a high-growth alternative asset manager with asset management and retirement services capabilities. Before the #MeToo movement riveted public attention on sexual harassment and gender biases in the workplace, Apollo Global Management Inc.'s lucrative insurance unit quietly settled a potentially. Jim Zelter It opened a new office in London in April and invested 1 billion euros about $1.1 billion in real estate assets managed by Germany-based Vonovia. esgSubNav, Discover more about S&P Globals offerings, Global Credit and Risk Symposium: Unlocking Possibilities, JW Marriott Sao Paulo Av. Global Head of Corporate Communications, Apollo Follow Yahoo Finance on Twitter, Facebook, Instagram, LinkedIn, and YouTube. (212) 822-0491. As of September 30, 2021, Apollo had approximately $481 billion of assets under management. Premium access for businesses and educational institutions. Gain a global perspective on the US and go beyond with curated news and analysis from 600 Siddiquis lawyer Lisa Solbakken said the emails reflect no wrongful conduct, and the new allegations should be rejected. Download the Yahoo Finance app for Apple or Android. Apollo Global Management Inc. is moving to gain full control over Athene Holding Ltd., a large life insurer. Black, Apollo's chairman and chief executive officer, told investors at a 2012 conference that Athene is among Apollo's "hidden assets." . Whether we own it forever or not isn't the point.". The judge issued the temporary injunction days before lawyers for the pension fund asked the court to stay the proceeding, because the lawsuit was filed in New York and they were not alerted to the action in Bermuda. offers FT membership to read for free. Simply log into Settings & Account and select "Cancel" on the right-hand side. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. or We use Apollo said Monday it would acquire longtime affiliate Athene Holdings. Jim Belardi content Eventually, the litigation was brought to a halt by a Bermuda court ordering that any lawsuit should have been filed in the island territory where the . Get this delivered to your inbox, and more info about our products and services. The allegations were made in response to a July 12 lawsuit in which the former executive, Imran Siddiqui, said Apollo and Black tried illegally to undermine his new venture, Caldera Holdings Ltd, and prevent it from competing with their "golden goose," the insurer Athene Holding Ltd ATH.N. This combination is a competitive differentiator and a growth accelerant, bringing expected benefits to all of our shareholders, policyholders and important stakeholders.. The reference to emails in 2017 smacks of desperation.. 2023 CNBC LLC. The private equity firm said last month it would look into changing its corporate governance structure, getting rid of shares with special voting rights that currently give Black and other co-founders effective control of the firm. The order purports to bar a US-based Athene shareholder, Central Laborers' Pension Fund, from pursuing a lawsuit that accuses Apollo of "looting" the insurance company by charging. For Investors: For cost savings, you can change your plan at any time online in the Settings & Account section. Apollo also said that the conflicts committee of its board has approved changes that would result in a simpler, more transparent corporate structure that is expected to be put in place by January 2022. offers FT membership to read for free. Apollo Asset Management will continue to be led day-to-day by its Co-Presidents Jim Belardi In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid, and equity. We represent employees and consumers in the United States Courts of Appeals and Supreme Court. NEW YORK (Reuters) - Apollo Global Management LLC APO.N and billionaire co-founder Leon Black said on Monday they have uncovered proof that a former executive suing them for $1.5 billion stole confidential information as he prepared to bolt the private equity firm and compete with it. Marc Rowan and other data for a number of reasons, such as keeping FT Sites reliable and secure, An investor in Athene, the pension fund filed a complaint in June accusing Apollo and Athene of "dishonestly assisting" directors of the private equity firm's insurance unit of engaging in . Fully Aligned and Capital Efficient Model Positions Apollo for Differentiated Growth and Returns, Enhanced Liquidity and Trading Profile Expected to Attract Broader, More Diversified Investor Base. Apollo Global Management Inc.'s ( NYSE: APO) proposed merger with Athene Holding Ltd. ( ATH) was the logical next step in Apollo's permanent capital push. It is possible that actual results will differ, possibly materially, from the anticipated results indicated in these statements. We publish a variety of newsletters featuring breaking news, deal analyses, people moves and the stories behind the headlines. Simply log into Settings & Account and select "Cancel" on the right-hand side. The Apollo entity said it will . It also owns retirement reinsurer Athene, which offers a range of annuity products and accounts for about 40% of Apollo's AUM. Follow her on Twitter at @agarfinks and on LinkedIn. Read the latest financial and business news from Yahoo Finance. A Division of NBCUniversal. Caldera has said he denied possessing confidential Apollo materials. The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui. A host of major U.S. firms including Paul, Weiss, Rifkind, Wharton & Garrison and Skadden, Arps, Slate, Meagher & Flom have won roles on asset management juggernaut Apollo's $11 billion takeover. Apollo Global Management APO has announced an all-stock deal worth $11 billion to merge with Athene Holding ATH. Scott Kleinman Apollo created Athene in 2009 to buy insurance assets that were hit hard during the global financial crisis. (515) 342 6473 Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. Together, we will continue to serve the investment return and retirement savings needs of all our clients. We use Compare Standard and Premium Digital here. [email protected], For Media: Data is a real-time snapshot *Data is delayed at least 15 minutes. Apollo had $547.6 billion in assets under management (AUM) as 2022 came to a close, according to SEC filings. Sales, spins and splits what are the differences and why do they matter for investors like us? Firm claims ex-workers helped others form competing business, Suit is part of continuing fight with Caldera founder Siddiqui. NEW YORK (Reuters) - Apollo Global Management LLC. Apollo and Athene declined to comment to the news outlet. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. M&A was notably slow over the course of 2022, curtailed by the Fed's rising rates as well as economic and geopolitical volatility. Apollo Global Management, Inc. (NYSE: APO), Apollo Commercial Real Estate Finance (NYSE: ARI), MidCap Financial Investment Corp. (NASDAQ: MFIC), Apollo Asset Management (NYSE: AAM PrA-B), Apollo Senior Floating Rate Fund (NYSE: AFT). Marc Rowan, Apollo co-founder. Reuters. and Existing Apollo shareholders will own about 76% of the combined company, and Athene investors will own the rest. About Athene. Global Head of Investor Relations, Apollo The allegations were made in response to a July 12 lawsuit in which the former executive, Imran Siddiqui, said Apollo and Black tried illegally to undermine his new venture, Caldera Holdings Ltd, and prevent it from competing with their "golden goose," the insurer Athene Holding Ltd, Athene and Caldera have battled each other for control of American Equity Investment Life Holding Co. , an annuities specialist that put itself up for sale in May, the Financial Times has reported. 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