APOLLO GLOBAL MANAGEMENT, INC. : Bedrijfscommunicatie en persberichten APOLLO GLOBAL MANAGEMENT, INC. | APO1 * | US03769M1062 | Mexican Stock Exchange The emails are stark and blatant examples of Siddiquis betrayal of Apollo and Athene when he was still a highly paid Apollo partner and should have been loyal, the filing said. Premium access for businesses and educational institutions. organisation Mar 8, 2021, 1:57 PM PST. . The relationship between Apollo and Athene went under public pressure in 2019, when it was found out that Apollo was significantly overcharging Athene compared to the market standards. Get this delivered to your inbox, and more info about our products and services. 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. The company's shares were up nearly 19% in premarket trade, while Apollo was up 4.7%. Apollo Global Management is merging with Athene Holding in an $11 billion stock deal that expands Apollo's current 27% stake in Athene. 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. The deal is expected to close in January 2022. And its further evidence that Black prizes loyalty -- and will go to considerable lengths to protect the firm he founded from those who depart. Amanda Carstens Steward. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. , while Athene will continue to be led by its CEO (Disclosure: Apollo Global Management is the parent company of Yahoo Finance.). Global Head of Corporate Communications, Apollo The Central Laborers' Pension Fund's lawsuit claims that Apollo is charging "extravagantly expensive" fees that reach hundreds of millions of dollars annually. The case is Caldera Holdings Ltd et al v Apollo Global Management LLC et al, New York State Supreme Court, New York County, No. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. It also owns retirement reinsurer Athene, which offers a range of annuity products and accounts for about 40% of Apollo's AUM. 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 The company does business in private equity and private credit. content and 2023 CNBC LLC. Apollo said Monday it would acquire longtime affiliate Athene Holdings. cookies Caldera has said he denied possessing confidential Apollo materials. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Simply log into Settings & Account and select "Cancel" on the right-hand side. It is rare for private equity firms to accuse former executives publicly of stealing trade secrets. 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. Drawing from a depth of appellate experience, Apollo's lawyers utilize an intellectual approach with a singular focus on . However, it hasn't been immune to concerns in the broader economy. Global Head of Corporate Communications, Apollo. * Apollo Global Management Inc. and Athene Holding Ltd. have agreed to merge in an all-stock transaction that implies a total equity value of roughly $11 billion for Athene. The buyout mogul who created Apollo Global Management Inc. is suing two former employees of Athene Holding Ltd., claiming they covered up efforts to help an ex-partner start a rival firm. To learn more, please visit www.apollo.com. Apollo had released Mr. Siddiqui from any and all claims, known or unknown, prior to Feb. 21, 2018, she said in an interview. 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. This press release does not constitute an offer of any Apollo fund. 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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. Jim Zelter The deal would create a $29 billion conglomerate and put . or Market Intelligence Apollo alleges. 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. Black, 67, is worth $6.2 billion, according to Forbes magazine. Compare Standard and Premium Digital here. (212) 822-0491 For cost savings, you can change your plan at any time online in the Settings & Account section. 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. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. 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. (212) 822-0540 We use "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. 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. For cost savings, you can change your plan at any time online in the Settings & Account section. IR@apollo.com. 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. Each outstanding Athene class A common share will be exchanged for a fixed ratio of 1.149 common shares of Apollo. Compare Standard and Premium Digital here. As a result of the merger, the combined entity Apollo Global Management, Inc., led by Chief Executive Officer The buyout mogul who created Apollo Global Management Inc. is suing two former employees of Athene Holding Ltd., claiming they covered up efforts to help an ex-partner start a rival firm. . Apollo Global Management is suing two former employees of its affiliate Athene Holding over their role in helping set up a rival insurance business. Apollo and Siddiqui have had multiple cases against each other, including in arbitration. Follow Yahoo Finance on Twitter, Facebook, Instagram, LinkedIn, and YouTube. analyse how our Sites are used. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Premium access for businesses and educational institutions. organisation 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. 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. . Marc Rowan, Apollo co-founder. Communications@apollo.com, Amanda Carstens Steward Read the latest financial and business news from Yahoo Finance. (515) 342 6473 Apollo Asset Management will continue to be led day-to-day by its Co-Presidents Asteward@athene.com. 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 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. You may change or cancel your subscription or trial at any time online. Management continues to expect the transaction to be credit ratings positive for all rated entities within the combined company. Apollo recently owned about 10 percent of Athene and controlled more than one-third of its voting power, according to a regulatory filing. The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui . 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. 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. "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." offers FT membership to read for free. Together, we will continue to serve the investment return and retirement savings needs of all our clients. The reference to emails in 2017 smacks of desperation.. 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. Apollo has been getting paid lucrative fees by Athene, in which it currently holds a 27% stake. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. 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. esgSubNav, Discover more about S&P Globals offerings, Global Credit and Risk Symposium: Unlocking Possibilities, JW Marriott Sao Paulo Av. The companies announced Monday that they have agreed to merge by swapping stock . The full list of representatives can be found in the governance section of https://ir.apollo.com/. , CEO of Athene. In addition to the aforementioned Athene, an $11 billion all-stock acquisition it closed in 2022, Apollo currently owns security firm ADT, which it bought in 2016, and Yahoo Inc. (Yahoo Finance's parent company), which it acquired in 2021 for $5 billion. The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui. 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. Apollo has vowed to defend itself in the case, saying the allegations do not have a legal or factual basis. Leon Black. Follow her on Twitter at @agarfinks and on LinkedIn. You can still enjoy your subscription until the end of your current billing period. Inside P&C is part of the Delinian Group, Delinian Limited, 8 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730, Book a call with a member of the team to discuss your subscription options, WR Berkley halts tax liability underwriting after executive departure, Everest Q1 pre-tax cat losses narrow to $110mn on limited US exposure, Hubs valuation: A shiver passes through the private broking sector, CNA Q1 reserve charge linked to exited London PL book: CEO Robusto, Need to Know: AIG, Hub investment, Aon results, Gain your competitive advantage with Inside P&C. Head of Marketing & Corporate Communications, Athene If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. or A Division of NBCUniversal. We are excited to continue executing on this plan together, said The transaction is expected to close in . Communications@apollo.com. 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. In March, Apollo announced plans to acquire chemical company Univar Solutions for $8.1 billion in an all-cash transaction. and Each outstanding Class A common share of Athene was exchanged for a fixed ratio of 1.149 shares of Apollo stock. Siddiquis lawyer Lisa Solbakken said the emails reflect no wrongful conduct, and the new allegations should be rejected. Jay Clayton "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. These forward-looking statements are based on managements beliefs, as well as assumptions made by, and information currently available to, management. journalists in 50+ countries covering politics, business, innovation, trends and more. 652175/2018. Sign up for free newsletters and get more CNBC delivered to your inbox. People now have to figure out were they good investors or was this all market beta? You may change or cancel your subscription or trial at any time online. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. The lawsuit filed in New York on . 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. Apollo and Athene will seek a permanent injunction in Bermuda, where Athene was incorporated. The firm has also been building up its presence in Europe. 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. We represent employees and consumers in the United States Courts of Appeals and Supreme Court. An Illinois pension fund has dropped a lawsuit accusing Apollo of charging "extravagantly expensive" fees to Athene, the life run-off acquirer that it founded. trending Existing Apollo shareholders will own about 76% of the combined company, and Athene investors will own the rest. Black, Apollo's chairman and chief executive officer, told investors at a 2012 conference that Athene is among Apollo's "hidden assets." . /marketintelligence/en/news-insights/trending/RgD2gNr8QraM3ChwkTzCFw2 Standard Digital includes access to a wealth of global news, analysis and expert opinion. In February, Apollo clocked a profit after three quarters of losses. 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. Got a confidential news tip? Athene Holding Ltd. and Apollo Global Management LLC have obtained a temporary injunction from a Bermuda court blocking a pension fund's lawsuit claiming that Apollo is "looting" the insurance company from going forward, the Financial Times reported. NEW YORK (Reuters) - Apollo Global Management LLC. Apollo Global Management has been accused of "looting" its affiliated life insurance company, Athene Holding, in an investor lawsuit targeting "exorbitant" payments that account for one-third. Caldera has said he denied possessing confidential Apollo materials. and comprised of a highly qualified, diverse, and two-thirds independent group of directors representing both parts of the business. Jim Belardi The company also closed its acquisition of Atlas Air Worldwide, a deal done alongside J.F. This combination is a competitive differentiator and a growth accelerant, bringing expected benefits to all of our shareholders, policyholders and important stakeholders.. Though 2023 won't be a year defined by "new toys," as Rowan said previously, Apollo has done a handful of big deals while moving others over the finish line. Head of Marketing & Corporate . Whether we own it forever or not isn't the point.". "So public equity markets, technology, [and] growth clearly succumbed to the siren song of liquidity. Allie Garfinkle is a Senior Tech Reporter at Yahoo Finance. As of September 30, 2021, Apollo had approximately $481 billion of assets under management. 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 . Still, the alternative asset manager's portfolio continues to get a lot of attention from market watchers, and rightfully so given the high-profile names it holds. 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). All Rights Reserved. And that trend has continued in 2023 so far. . These statements include, but are not limited to, discussions related to Apollos expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis and expectations regarding benefits anticipated to be derived from the merger (the Merger) with Athene Holding Ltd. (Athene).
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