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December 3, 2021

Apollo brokers deal to buy Griffin to bolster global wealth business

By Verdict Staff

US-based alternative asset manager Apollo has agreed to buy the US wealth distribution and asset management businesses of Griffin Capital in an all-stock deal.

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  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
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Financial terms of the deal were not disclosed.

Founded in 1995, Griffin offers alternative investment solutions to advisers across the US.

The acquisition is expected to help Apollo bolster its Global Wealth Management Solutions business, which develops and distributes alternatives to individual investors and their wealth advisers.

Apollo plans to integrate Griffin’s around 60 client-facing distribution staff to its Global Wealth business.

Griffin will also bring new technology, infrastructure, and a number of distribution agreements to Apollo’s platform.

Furthermore, the addition of Griffin’s asset management business will add to the firm an investment team managing over $5bn of assets in individual investor-focused products.

Apollo CEO Marc Rowan said: “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.”

Commenting on the deal, Griffin Capital chairman and CEO Kevin Shields added: “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 recognises the talent of the Griffin team, across distribution, asset management and supporting functions.”

The deal is said to be Apollo’s largest investment in Global Wealth business. It follows a number of recent recruitments at the firm, including the hiring of US Head of Global Wealth Howard Nifoussi and Global Head of Product Development and Innovation Jason Singer.

Recently, the firm named Edward Moon as head of Asia Pacific for Global Wealth in Hong Kong.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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