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Alternative Market Briefing

Apollo Global grabs Griffin Capital units in the push to reach wealthy individuals

Monday, December 06, 2021

Laxman Pai, Opalesque Asia:

Apollo Global Management has agreed to acquire the U.S. wealth distribution and $5 billion asset management businesses of Griffin Capital, as it looks to boost its offerings for rich clients.

Terms of the deal were not disclosed, although the private-equity giant said it expects to close in the first half of 2022 and to be breakeven to per-share earnings in 2022 and become a "meaningful" driver of earnings growth in the coming years.

Griffin has "one of the only scaled distribution teams" in the U.S. exclusively focused on alternative investments. Apollo executives currently have relationships with private banks, wirehouses, registered investment advisers, and family offices.

"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," said a press release.

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......................

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