Why work for an investment bank when you can work on a buy-side? And why work on the buyer’s side when you could work for Apollo?
That’s the goal of Apollo Investor Day today. Not only does Apollo say it’s a much better place to work than an investment bank, but it’s also a much better place than any other fund.
“We are a better employer [than banks]”said Marc Rowan, CEO of Apollo in his introductory presentation. If you walk into an Apollo office,” you will see a group of happy people who have left the big banks in the financial center and will find Apollo a happy home to apply their craft, ”Rowan added.
Apollo is not like other funds, Rowan said. Under Athene, the pension and insurance products subsidiary that Apollo merged with this year, Rowan said Apollo is able to generate consistently high returns while taking much less risk than average funds. private equity or hedge funds. Athene has approximately $ 190 billion in assets under management, including $ 180 billion in fixed income investments. Apollo focuses largely on the hybrid space – between debt and equity – where other investors don’t play. “Hybrid is one of the few places where there isn’t too much capital for too few transactions, ”Rowan said.
In the past 18 months, Apollo says it has hired 67 hires for its credit team alone. 21 are shown in the slide below. They include the former: Earl Hunt, a former partner of Goldman Sachs; John Cortese, a former Barclays credit trader; and Michael Caperonis, former head of actions at Nomura.
A total of 13 additional hires were made across all fixed income securities. The average member of the fixed income leadership team has 23 years of experience. 20 new hires have been made for the new wealth management activity, of which 30 are expected by the end of the year.
These days, Apollo isn’t much about private equity. – Private equity is “not a growth engine, “but a” farm business, “Rowan said:” You plant, you harvest. You plant, you harvest. Private, hybrid and Athene credit are where the future is. However, Rowan said private equity remains a valuable source of “intellectual capital” for Apollo: the fund has 85 private equity professionals in the United States; 15 in Europe and 15 in APAC.
There was no mention in today’s presentation of the complaints about the 20-hour days for juniors at Apollo, or the increase in associates’ wages to $ 550,000 in an attempt to prevent juniors overworked the fund to leave. Instead, Rowan said today that Apollo is a “millennial majority workforce” and that his goal is “to expand opportunities” for the workforce.
“We’ve usually picked people like us who want the same opportunity,” Rowan said, reflecting on Apollo’s past tendency to hire people who look like their current staff. The firm is now committed to diversifying its workforce: 60% of the employees in its Private Equity division come from various backgrounds. Banks may want to maintain control over their various employees.
Photo by Kelsey K on Unsplash
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