Apollo announced a first close in its previously announced transaction with Griffin Capital. Apollo has completed the acquisition of Griffin’s wealth distribution business, now part of Apollo Global Wealth. Apollo expects to hold a final close to add Griffin’s individual-investor focused products and associated asset management team in the second quarter of 2022.
With today’s close, Apollo adds approximately 60 client-facing distribution professionals working across the wealth management landscape and who are particularly well-established in the independent channel, a complement to Apollo’s focus to-date on private banks, wirehouses, institutional RIAs and family offices. It also transitions critical marketing, technology and operational infrastructure to Apollo. Griffin’s Cory Calvert has been named Head of Independent Broker Dealer for US Global Wealth.
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Stephanie Drescher, Chief Client and Product Development Officer of Apollo, said, “This is an important milestone in the buildout of our Global Wealth business and in addition to this acquisition, our trajectory across hiring, capital raising and new product development has been remarkable. We look forward to finalizing the transaction and working together to leverage Griffin’s expertise in the individual investor and advisor market to offer a broader portfolio of solutions.”
As part of its continued Global Wealth expansion, Apollo also recently hired Dan Flynn as Head of Institutional RIA and Joe Moran as a Managing Director for Institutional RIA. Flynn joined Apollo from Barings, where he was Managing Director and Head of US Retail Field Distribution. Moran most recently served as Head of Intermediary Distribution at Ivy Investments.
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The firm has also been actively building its pipeline of alternative solutions for individual investors. In 2022, Apollo launched the Apollo Debt Solutions BDC (ADS), and in conjunction with the recent release of its fourth quarter and full year 2021 financial results, disclosed that ADS has raised more than $1 billion of equity proceeds.
Completion of the Griffin acquisition is subject to customary closing conditions, including approval by stockholders of the Griffin Institutional Access Real Estate Fund and the Griffin Institutional Access Credit Fund. Apollo expects to complete the transaction by the second quarter of 2022.
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