Apollo Global Management – Actuarial News

Excerpt:

As Athene takes control of pension plan assets, it seeks to profit by earning more from investment returns than it is required to pay out to recipients. Athene uses Bermuda-based reinsurance subsidiaries to reinsure most deposits. Apollo manages most of Athene’s assets in exchange for fees. Apollo invests some of Athene’s assets in loans and structured debt products originated or securitized by Apollo affiliates.
Apollo Global Management created Athene in 2009 and has managed its assets since its inception. On March 8, Apollo announced its plan to acquire and merge with Athene.
UNITE HERE’s new website will provide information and resources to the beneficiaries of plans taken over by Athene. It includes facts about the recent JCPenney transaction, links to reporting on Athene’s investment practices, and contact information for relevant regulatory agencies. Beneficiaries can use the site to sign up for updates.

Publication Date: 3 May 2021

Publication Site: Businesswire

Greensill Capital planning to file for insolvency in U.K. this week

March 5, 2021March 5, 2021 Mary Pat Campbell

Link: https://www.marketwatch.com/story/greensill-capital-planning-to-file-for-insolvency-in-u-k-this-week-11614789098

Excerpt:

Embattled financial startup Greensill Capital plans to file for insolvency in the U.K. this week, as it simultaneously moved toward a deal to sell its operating business to Apollo Global Management APO, -1.69%, according to people familiar with the matter.
The deal with Apollo, which could be struck by the end of the week, would be part of a Greensill insolvency, similar to the U.S. bankruptcy process, the people said.
The Wall Street Journal previously reported the two sides were in talks for a deal that would pay Greensill around $100 million. Through the acquisition Apollo would take over Greensill’s core operations and inherit clients that generate around $7 billion in assets, according to the people familiar with the matter.

Author(s): Julie Steinberg and Ben Dummett

Publication Date: 3 March 2021

Publication Site: MarketWatch

Pension Funds Are Mixed or Mum on More Cash for Apollo

February 4, 2021 Mary Pat Campbell

https://www.nytimes.com/2021/02/03/business/apollo-pension-funds.html

Excerpt:

California’s huge public retirement system, for one, offered only cautious support after new disclosures of financial ties between the firm’s chief, Leon Black, and Jeffrey Epstein.
When investors in Apollo Global Management learned last week that the firm’s chief executive had paid $158 million to the registered sex offender Jeffrey Epstein, they hardly blinked.
After the private equity firm announced the figure, revealed by an outside investigation, its stock rose nearly 7 percent. That was a far different response from three months ago, when shares plunged over concerns about the financial ties between Mr. Epstein and the chief executive, Leon Black.
…..
A more important test could come the next time Apollo seeks to raise money from the 1,500 pension plans, foundations, sovereign wealth funds and other institutions that invest with it. These limited partners fuel its ability to carry out corporate buyouts, extend loans to companies and make other investments.
So far, their response has been mixed. One of the biggest public pension plans in the United States — the California Public Employees’ Retirement System, or CalPERS — offered only cautious support.

Author: Matthew Goldstein

Publication Date: 3 February 2021

Publication Site: NY Times