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.
Financial terms of the deal were not disclosed.
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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.
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By GlobalDataFurthermore, 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.
