Apollo (NYSE: APO) has acquired the US wealth distribution and asset management business of Griffin Capital. The deal is intended to build Apollo’s global wealth management services business.
Griffin provides alternative investment services to advisors across the country. The firm’s client-facing distribution professionals work across the wealth management spectrum.
Going forward, Apollo will integrate Griffin into its Global Wealth business, adding technology, infrastructure and distribution agreements. Additionally, Apollo will gain Griffin’s asset management business that comes with an investment team and $5 billion in assets under management.
“This transaction turbocharges our efforts in the US wealth market by integrating a team that has been singularly focused on serving individuals and advisors through alternative investment strategies,” added Stephanie Drescher, chief client and product development officer at Apollo. “Griffin has strong, longstanding relationships in the US advisor market, and we are excited to welcome them to Apollo.”
Baker McKenzie is serving as legal counsel and Berkshire Global Advisors as exclusive financial advisor to Griffin in the transaction. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel and BofA Securities and Morgan Stanley & Co. LLC as financial advisors to Apollo.