Apollo Makes Leadership Changes as Part of Five-Year Plan
Apollo Global Management announced key leadership changes this week to pursue its five-year plan, which includes $1.5 trillion in assets under management, a 20% average annual growth in fee-related revenues, and $150 billion in assets raised through its global wealth management unit.
Jim Zelter has been appointed president of the $733 billion investment firm, signifying Apollo’s ongoing operational expansion and growth strategies across both Apollo Asset Management (AAM) and Athene Holding divisions. Zelter will collaborate with CEO Marc Rowan.
John Zito will be co-president of AAM, partnering with Scott Kleinman. He will supervise all investment activities and daily operations of the asset management division while continuing to serve as head of credit for Apollo. Zito joined Apollo in 2012 and serves as a partner and head of Apollo’s credit business at AAM. Prior to Apollo, he was a managing director and portfolio manager at Brencourt Advisors and a portfolio manager at Veritas Fund Group.
Zelter joined Apollo in 2006 and led the build out and expansion of Apollo’s credit platform. He was named co-president of AAM in 2018.
The leadership changes coincide with Apollo’s recent announcement regarding the expansion of its infrastructure division through the acquisition of Argo Infrastructure Partners, a North American infrastructure asset manager, in a combined stock and cash transaction that will add to Apollo’s infrastructure platform by approximately $6 billion in assets.
On Wednesday, the firm announced a partnership with Standard Chartered in a move to boost global infrastructure and clean energy financing. The partnership includes a planned contribution of up to $3 billion in financing across various sectors.
According to Rowan, who also received a five-year extension of his CEO role, two of the biggest trends Apollo sees in the next five years are the convergence of public and private markets, and the changing role of financial institutions. He said the promotions strengthen the firm for the future as the team seeks to capitalize on these opportunity sets.