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. Apollo had $547.6 billion in assets under management (AUM) as 2022 came to a close, according to SEC filings. Apollo's Insurer Unit, Athene Holding, Quietly Settles Harassment Case 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. The Central Laborers' Pension Fund's lawsuit claims that Apollo is charging "extravagantly expensive" fees that reach hundreds of millions of dollars annually. The company does business in private equity and private credit. , CEO of Athene. Leon Black's Apollo Sues Former Employees - Bloomberg Scott Kleinman The relationships between Apollo and Athene have benefited shareholders and policyholders, according to people with knowledge of the firms' thinking. 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. The lawsuits ended after a court in Bermuda ordered US shareholders to drop their action. EXHIBIT(S) - 12 (Motion #018) - Final Arbitration Award (Redacted Copy) February 16, 2023. Apollo had $547.6 billion in assets under management (AUM) as 2022 came to a close, according to SEC filings. The firm has also been building up its presence in Europe. Market Intelligence "If we make decisions as if we're going to own it forever, we usually will make the right decision. Apollo accused of 'looting' affiliate insurer Athene Reuters. . If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. 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. Apollo Global Management APO has announced an all-stock deal worth $11 billion to merge with Athene Holding ATH. And that trend has continued in 2023 so far. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Follow Yahoo Finance on Twitter, Facebook, Instagram, LinkedIn, and YouTube. To learn more, please visit www.apollo.com. 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. 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. This press release does not constitute an offer of any Apollo fund. Jim Belardi Integrating that business. The transaction is expected to close in . 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. Rowan, who co-founded the firm with Josh Harris and Leon Black in 1990, took the helm at Apollo in 2021. 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. Click here for the latest trending stock tickers of the Yahoo Finance platform. For Investors: 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. If you typed the URL into your browser, check that you entered it correctly. Apollo Global Management, Inc. (NYSE: APO), Apollo Commercial Real Estate Finance (NYSE: ARI), MidCap Financial Investment Corp. (NASDAQ: MFIC), Apollo Asset Management (NYSE: AAM PrA-B), Apollo Senior Floating Rate Fund (NYSE: AFT). Apollo alleges. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. 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. As a result of the merger, the combined entity Apollo Global Management, Inc., led by Chief Executive Officer Apollo Global, Athene Get Temporary Halt to Shareholder Lawsuit - Wink Head of Marketing & Corporate . Athene and Apollo Announce Closing of Transaction to Strengthen Caldera has said he denied possessing confidential Apollo materials. Leon Black is proving once again he's not someone to cross. 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. "It is one of the real luxuries of our business to be able to think long-term and not care what happens on a quarterly basis," he continued. The case is Caldera Holdings Ltd et al v Apollo Global Management LLC et al, New York State Supreme Court, New York County, No. Athene and Apollo have seen tremendous mutual benefit from our longstanding strategic relationship, and now with full alignment our value will be significantly stronger than the sum of our parts, said 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. Got a confidential news tip? cookies Jim Belardi 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. Apollo Global Management is suing two former employees of its affiliate Athene Holding over their role in helping set up a rival insurance business. Marc Rowan 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. 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 ATH.N. 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. A hearing on Apollos and Athenes effort to dismiss Calderas lawsuit has not been scheduled. As a combined public company, we have created a superior model to deliver highly stable and diversified earnings, to accelerate our growth, and to originate the highest quality assets for our clients. Apollo and Athene will seek a permanent injunction in Bermuda, where Athene was incorporated. A Division of NBCUniversal. The lawsuit is ongoing. The elaborate 131-page complaint alleges violations of the Racketeer Influenced and Corrupt Organizations Act (RICO). and other data for a number of reasons, such as keeping FT Sites reliable and secure, , while Athene will continue to be led by its CEO Leon Black is proving once again hes not someone to cross. Apollo Global Management Inc. is suing two former employees of its affiliate Athene Holding Ltd. over their role in helping set up a rival insurance business. * 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. These statements include, but are not limited to, discussions related to Apollos expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis and expectations regarding benefits anticipated to be derived from the merger (the Merger) with Athene Holding Ltd. (Athene). trending The deal is expected to close in January 2022. Simply log into Settings & Account and select "Cancel" on the right-hand side. Apollo Global Management, Inc. 2023 All Rights Reserved. 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 is a global, high-growth alternative asset manager. Pension fund drops NY lawsuit against Apollo and Athene - Insurance Insider Read the latest financial and business news from Yahoo Finance. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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. 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. and other data for a number of reasons, such as keeping FT Sites reliable and secure, See here for a complete list of exchanges and delays. 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. 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. Siddiqui worked at Goldman Sachs Group Inc GS.N and Oak Hill Capital Partners before joining Apollo. Jim Zelter Apollo, Leon Black say ex-partner's theft shows 'betrayal' "We buy something; we operate the business as if we're going to own it forever," Rowan said. Gain a global perspective on the US and go beyond with curated news and analysis from 600 Apollo Global to buy annuities provider Athene in $11 billion deal - CNBC The buyout mogul who created Apollo Global Management Inc. is suing two former employees of Athene Holding Ltd., claiming they covered . Communications@apollo.com, Amanda Carstens Steward offers FT membership to read for free. The deal is expected to be completed in January 2022. Bermuda court issues temporary injunction to block Apollo, Athene lawsuit The problem was that Athene's investors had a problem with Apollo's relationship with them, and in 2019 a lawsuit accused Apollo of overcharging Athene by hundreds of millions of dollars for their services. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. Standard Digital includes access to a wealth of global news, analysis and expert opinion. People now have to figure out were they good investors or was this all market beta? 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. Check if your Together we articulated an attractive plan to generate $15 billion of deployable capital over the next five years and more than double our fee-related earnings. The company does business in private equity and private credit. Noah Gunn Premium access for businesses and educational institutions. The emails are stark and blatant examples of Siddiquis betrayal of Apollo and Athene when he was still a highly paid Apollo partner and should have been loyal, the filing said. Marc Rowan, Apollo co-founder. For Media: Joanna Rose. 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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. It is rare for private equity firms to accuse former executives publicly of stealing trade secrets. Apollo has vowed to defend itself in the case, saying the allegations do not have a legal or factual basis. or Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. The terms of an all-stock tax-free transaction are straightforward: Athene's shareholders will get 1.149 shares of APO . Athene, through its subsidiaries, is a leading financial services company with total assets of $224.4 billion as of September 30, 2021 and . Simply log into Settings & Account and select "Cancel" on the right-hand side. 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. cookies NEW YORK (Reuters) - Apollo Global Management LLC. Motion to Compel Arbitration in Apollo Asset Management, Inc. (f/k/a Marc Rowan "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." . Gain a global perspective on the US and go beyond with curated news and analysis from 600 Apollo sues two more executives in dispute over insurance rival All Rights Reserved. Lehman and Hill City Capital. Apollo Global Management Inc. is moving to gain full control over Athene Holding Ltd., a large life insurer. We represent employees and consumers in the United States Courts of Appeals and Supreme Court. Apollo-Athene: the new Berkshire Hathaway? | Financial Times Amanda Carstens Steward. 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. We use Yet Athene's shares underperformed the insurance sector following its stock market debut in 2016, prompting a bid from Apollo for its assets. . However, it hasn't been immune to concerns in the broader economy. and Apollo recently owned about 10 percent of Athene and controlled more than one-third of its voting power, according to a regulatory filing. and comprised of a highly qualified, diverse, and two-thirds independent group of directors representing both parts of the business. Apollo has been getting paid lucrative fees by Athene, in which it currently holds a 27% stake. Apollo Global Management said on Monday it will merge with Athene Holding in an $11 billion all-stock deal. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. Then in April, the firm invested $500 million in education tech company Cengage Group in a deal expected to close this summer. 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. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. The private equity firm said last month it would look into changing its corporate governance structure, getting rid of shares with special voting rights that currently give Black and other co-founders effective control of the firm. The company's shares were up nearly 19% in premarket trade, while Apollo was up 4.7%. 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. 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 . Asteward@athene.com. Compare Standard and Premium Digital here. organisation 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.