Together, we will continue to serve the investment return and retirement savings needs of all our clients. However, it hasn't been immune to concerns in the broader economy. 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 Global Management is merging with Athene Holding in an $11 billion stock deal that expands Apollo's current 27% stake in Athene. Apollo has been getting paid lucrative fees by Athene, in which it currently holds a 27% stake, for more than a decade, providing asset allocation services and directly managing a portion of Athene's assets across its investment platform, primarily in its ever-expanding credit business. Then in April, the firm invested $500 million in education tech company Cengage Group in a deal expected to close this summer. According to the Central Laborers' Pension Fund's lawsuit, Apollo is charging , Co-Presidents of Apollo Asset Management. and comprised of a highly qualified, diverse, and two-thirds independent group of directors representing both parts of the business. Mar 8, 2021, 1:57 PM PST. Athene and Caldera have battled each other for control of American Equity Investment Life Holding Co AEL.N, an annuities specialist that put itself up for sale in May, the Financial Times has reported. analyse how our Sites are used. analyse how our Sites are used. NEW YORK (Reuters) - Apollo Global Management LLC APO.N and billionaire co-founder Leon Black said on Monday they have uncovered proof that a former executive suing them for $1.5 billion stole confidential information as he prepared to bolt the private equity firm and compete with it. Reporting by Jonathan Stempel in New York; Editing by Dan Grebler. esgSubNav, Discover more about S&P Globals offerings, Global Credit and Risk Symposium: Unlocking Possibilities, JW Marriott Sao Paulo Av. content We publish a variety of newsletters featuring breaking news, deal analyses, people moves and the stories behind the headlines. Standard Digital includes access to a wealth of global news, analysis and expert opinion. This press release contains forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Leon Black. journalists in 50+ countries covering politics, business, innovation, trends and more. The reference to emails in 2017 smacks of desperation.. The deal is expected to be completed in January 2022. Apollo is a global, high-growth alternative asset manager. 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. Head of Marketing & Corporate Communications, Athene 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. trending , has two principal subsidiaries: Apollo Asset Management (formerly Apollo Global Management, Inc.), its alternative asset management business, and Athene, its retirement services business. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Log in to keep reading or access research tools. 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. The elaborate 131-page complaint alleges violations of the Racketeer Influenced and Corrupt Organizations Act (RICO). Simply log into Settings & Account and select "Cancel" on the right-hand side. "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." The buyout mogul who created Apollo Global Management Inc. is suing two former employees of Athene Holding Ltd., claiming they covered . All Rights Reserved. You may change or cancel your subscription or trial at any time online. cookies 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. The relationships between Apollo and Athene have benefited shareholders and policyholders, according to people with knowledge of the firms' thinking. Siddiqui worked at Goldman Sachs Group Inc. and Oak Hill Capital Partners before joining Apollo. Jim Belardi Global Head of Investor Relations, Apollo 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. 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. (212) 822-0491 Apollo had $547.6 billion in assets under management (AUM) as 2022 came to a close, according to SEC filings. Download the Yahoo Finance app for Apple or Android. Contacts. Leon Black is proving once again he's not someone to cross. 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. The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui. The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui . He said, fundamentally, the goal for Apollo is to think long-term about each of its businesses, especially private equity. I am thrilled to partner with experienced leaders and talented teams within both businesses that will drive our differentiated One Apollo model forward. Siddiqui worked at Goldman Sachs Group Inc GS.N and Oak Hill Capital Partners before joining Apollo. The case is Caldera Holdings Ltd et al v Apollo Global Management LLC et al, New York State Supreme Court, New York County, No. Gain a global perspective on the US and go beyond with curated news and analysis from 600 or Reuters. 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. The Central Laborers' Pension Fund's lawsuit claims that Apollo is charging "extravagantly expensive" fees that reach hundreds of millions of dollars annually. . Apollo recently owned about 10 percent of Athene and controlled more than one-third of its voting power, according to a regulatory filing. (212) 822-0491. 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. Das Naes Unidas 14401, Torre Hotel Chcara Santo Antnio So Paulo, BR-SP. Each outstanding Class A common share of Athene was exchanged for a fixed ratio of 1.149 shares of Apollo stock. To learn more, please visit www.apollo.com. Apollo Global Management said on Monday it will merge with Athene Holding in an $11 billion all-stock deal, bringing in-house an annuities provider that helped turned it into one of the world's largest corporate credit investors. Get this delivered to your inbox, and more info about our products and services. Siddiquis lawyer Lisa Solbakken said the emails reflect no wrongful conduct, and the new allegations should be rejected. IR@apollo.com. A hearing on Apollos and Athenes effort to dismiss Calderas lawsuit has not been scheduled. Apollo Global Management APO has announced an all-stock deal worth $11 billion to merge with Athene Holding ATH. Simply log into Settings & Account and select "Cancel" on the right-hand side. Sign up for free newsletters and get more CNBC delivered to your inbox. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to Apollos dependence on certain key personnel, Apollos ability to raise new Apollo funds, the impact of COVID-19, the impact of energy market dislocation, market conditions, and interest rate fluctuations, generally, Apollos ability to manage its growth, fund performance, the variability of Apollos revenues, net income and cash flow, Apollos use of leverage to finance its businesses and investments by Apollo Funds, Athenes ability to maintain or improve financial strength ratings, the impact of Athenes reinsurers failing to meet their assumed obligations, Athenes ability to manage its business in a highly regulated industry, changes in Apollos regulatory environment and tax status, litigation risks and Apollos ability to recognize the benefits expected to be derived from the Merger. Lehman and Hill City Capital. . Rowan, who co-founded the firm with Josh Harris and Leon Black in 1990, took the helm at Apollo in 2021. 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. 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. and 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. (Disclosure: Apollo Global Management is the parent company of Yahoo Finance.). For a full comparison of Standard and Premium Digital, click here. 2023 CNBC LLC. (515) 342 6473 "When rates are down and credit is free and liquidity is plentiful, everything moves up and to the right," Rowan told Yahoo Finance at the 2023 Milken Global Conference (video above). The full list of representatives can be found in the governance section of https://ir.apollo.com/. Allie Garfinkle is a Senior Tech Reporter at Yahoo Finance. Management continues to expect the transaction to be credit ratings positive for all rated entities within the combined company. We use The relationship has delivered hundreds of millions of dollars in asset management fees to Apollo, an amount the lawsuit called "exorbitant", citing an FT investigation that reported Apollo's. Apollo alleges. or It opened a new office in London in April and invested 1 billion euros about $1.1 billion in real estate assets managed by Germany-based Vonovia. You can still enjoy your subscription until the end of your current billing period. and billionaire co-founder Leon Black said on Monday they have uncovered proof that a former executive suing them for $1.5 billion stole confidential information as he prepared to bolt the private equity firm and compete with it. Leon Black is proving once again hes not someone to cross. Got a confidential news tip? For cost savings, you can change your plan at any time online in the Settings & Account section. Athene Investor Contact Noah Gunn +1 441 279 8534 +1 646 768 7309 ngunn@athene.com Athene Media Contact Karen Lynn +1 441 279 8460 +1 515 342 3910 klynn@athene.com Apollo Investor . The order purports to bar a US-based Athene shareholder, Central Laborers' Pension Fund, from pursuing a lawsuit that accuses Apollo of "looting" the insurance company by charging. The allegations were made in response to a July 12 lawsuit in which the former executive, Imran Siddiqui, said Apollo and Black tried illegally to undermine his new venture, Caldera Holdings. The companies announced Monday that they have agreed to merge by swapping stock . Apollo and Athene are world-class franchises that have flourished as strategic partners, and we expect the full alignment achieved by our merger will accelerate our collective growth, said Apollo CEO Noah Gunn Apollo said Monday it would acquire longtime affiliate Athene Holdings. 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 . The allegations were made in response to a July 12 lawsuit in which the former executive, Imran Siddiqui, said Apollo and Black tried illegally to undermine his new venture, Caldera Holdings Ltd, and prevent it from competing with their "golden goose," the insurer Athene Holding Ltd, Athene and Caldera have battled each other for control of American Equity Investment Life Holding Co. , an annuities specialist that put itself up for sale in May, the Financial Times has reported. Global Head of Corporate Communications, Apollo Data is a real-time snapshot *Data is delayed at least 15 minutes. Rowan, who co-founded Apollo 31 years ago, has been tasked with running the New York-based firm after board Chairman Leon Black said in January he would step down as chief executive by July, following an independent review of his ties to the late financier and convicted sex offender Jeffrey Epstein. We use 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. "We buy something; we operate the business as if we're going to own it forever," Rowan said. As a result of the merger, the combined entity Apollo Global Management, Inc., led by Chief Executive Officer You may change or cancel your subscription or trial at any time online. offers FT membership to read for free. * 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. Sales, spins and splits what are the differences and why do they matter for investors like us? The lawsuits ended after a court in Bermuda ordered US shareholders to drop their action. Caldera has said he denied possessing confidential Apollo materials. 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. 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. 652175/2018. The lawsuit filed in New York on . The Central Laborers' Pension Fund agreed to discontinue its suit, filed in Manhattan state court, against both Athene and Apollo after a Bermuda judge issued a temporary . Apollo also said that the conflicts committee of its board has approved changes that would result in a simpler, more transparent corporate structure that is expected to be put in place by January 2022. In a filing with a New York state court in Manhattan, Apollo and Black said emails uncovered from early 2017 show that Siddiqui was surreptitiously working with a more junior Apollo colleague and two former Athene executives, and using confidential information to form a competing company. 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. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. The company's shares were up nearly 19% in premarket trade, while Apollo was up 4.7%. The news and analysis powering European private equity. People now have to figure out were they good investors or was this all market beta? Each outstanding Athene class A common share will be exchanged for a fixed ratio of 1.149 common shares of Apollo. Apollo Global Management said on Monday it will merge with Athene Holding in an $11 billion all-stock deal. The deal would create a $29 billion conglomerate and put . For Investors: Apollo Global Management Inc.'s ( NYSE: APO) proposed merger with Athene Holding Ltd. ( ATH) was the logical next step in Apollo's permanent capital push. The deal is expected to close in January 2022. personalising content and ads, providing social media features and to 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. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Apollo Asset Management will continue to be led day-to-day by its Co-Presidents For cost savings, you can change your plan at any time online in the Settings & Account section. The company does business in private equity and private credit. Caldera has said he denied possessing confidential Apollo materials. We want to hear from you. If you typed the URL into your browser, check that you entered it correctly. organisation 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 Law began with a simple premise: that employees and consumers should have access to top-flight counsel on appeal. Asia Stocks Rise on Hong Kong; Traders Wait on Fed: Markets Wrap, Factbox-Long-serving Qantas executive Vanessa Hudson named as next CEO, Oil Holds Loss Amid Concerns Over Chinese Demand, Banking Woes, Milken Latest: Saudis Look to Diversify Economy Beyond Just Oil, ADB announces funding plan for Asian efforts to combat climate change. Apollo had $547.6 billion in assets under management (AUM) as 2022 came to a close, according to SEC filings. 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. Photographer: Anthony Kwan/Bloomberg. Black, 67, is worth $6.2 billion, according to Forbes magazine. 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. Apollo Global Management, Inc. 2023 All Rights Reserved. The terms of an all-stock tax-free transaction are straightforward: Athene's shareholders will get 1.149 shares of APO . /marketintelligence/en/news-insights/trending/RgD2gNr8QraM3ChwkTzCFw2 The lawsuit is ongoing. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. We cant find the page you're looking for. "So public equity markets, technology, [and] growth clearly succumbed to the siren song of liquidity. Apollo has been getting paid lucrative fees by Athene, in which it currently holds a 27% stake. If you reached this page via our site or search, please let us know by emailing, Epsteins Private Calendar Reveals Prominent Names, First Republic Bank Is Seized and Bulk Sold to JPMorgan, Randi Weingartens Incredible Covid Memory Loss, Disney vs. DeSantis: What to Know About Their Power Struggle, JPMorgan Buys First Republic Bank in Second-Largest U.S. Bank Failure, The Booming Texas Border Town at the Center of a Global Trade Shift. And that trend has continued in 2023 so far. personalising content and ads, providing social media features and to In addition, Apollo expects the enhanced trading profile of its stock to attract a broader and diversified investor base over time. 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. Read court documents, court records online and search Trellis.law comprehensive legal database for any state court documents. An investor in Athene, the pension fund filed a complaint in June accusing Apollo and Athene of "dishonestly assisting" directors of the private equity firm's insurance unit of engaging in . Athene has since become a large U.S. annuity provider, with net income nearly doubling last year to $1.45 billion. journalists in 50+ countries covering politics, business, innovation, trends and more. and "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. "If we make decisions as if we're going to own it forever, we usually will make the right decision. Athene, through its subsidiaries, is a leading financial services company with total assets of $224.4 billion as of September 30, 2021 and . Jim Belardi 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. Global Head of Corporate Communications, Apollo. Amanda Carstens Steward. The company also closed its acquisition of Atlas Air Worldwide, a deal done alongside J.F. 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APOLLO GLOBAL MANAGEMENT, INC. : Bedrijfscommunicatie en persberichten APOLLO GLOBAL MANAGEMENT, INC. | APO1 * | US03769M1062 | Mexican Stock Exchange Integrating that business. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. We represent employees and consumers in the United States Courts of Appeals and Supreme Court. university Under the terms of the deal, each outstanding Class A common share of Athene will be exchanged for a fixed ratio of 1.149 shares of Apollo common stock. Following the transaction, Apollo Global Management, Inc. is now the publicly traded combined entity, with approximately 600 million shares of a single class of voting stock entitled to one vote per share. These forward-looking statements are based on managements beliefs, as well as assumptions made by, and information currently available to, management. Joanna Rose Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. 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. EXHIBIT(S) - 12 (Motion #018) - Final Arbitration Award (Redacted Copy) February 16, 2023. We support credit card, debit card and PayPal payments. Market Intelligence IR@apollo.com, For Media: , CEO of Athene. 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Follow Yahoo Finance on Twitter, Facebook, Instagram, LinkedIn, and YouTube. 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. Check if your For Media: Joanna Rose. Bermuda court issues temporary injunction to block Apollo, Athene lawsuit, Banking Essentials Newsletter: 5th May Edition, Practical steps to achieve net-zero underwriting Set a baseline, define targets and take action, Banking Essentials Newsletter: 19th April Edition, According to Market Intelligence, April 2023.