An Illinois pension fund has dropped a lawsuit accusing Apollo of charging "extravagantly expensive" fees to Athene, the life run-off acquirer that it founded. "We buy something; we operate the business as if we're going to own it forever," Rowan said. Pension fund drops NY lawsuit against Apollo and Athene Check if your Apollo and Athene to Merge in All-Stock Transaction It also owns retirement reinsurer Athene, which offers a range of annuity products and accounts for about 40% of Apollo's AUM. Under the terms of the transaction, each outstanding Class A common share of Athene . Together, we will continue to serve the investment return and retirement savings needs of all our clients. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. 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. Allie Garfinkle is a Senior Tech Reporter at Yahoo Finance. APOLLO GLOBAL MANAGEMENT, INC. : Persberichten | APO1 * | US03769M1062 Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. ", "Private equity was not immune to that," he added. 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Global Head of Corporate Communications, Apollo 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. Das Naes Unidas 14401, Torre Hotel Chcara Santo Antnio So Paulo, BR-SP. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. 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 Asia Stocks Rise on Hong Kong; Traders Wait on Fed: Markets Wrap, Factbox-Long-serving Qantas executive Vanessa Hudson named as next CEO, Oil Holds Loss Amid Concerns Over Chinese Demand, Banking Woes, Milken Latest: Saudis Look to Diversify Economy Beyond Just Oil, ADB announces funding plan for Asian efforts to combat climate change. Apollo Announces Special Meeting Date to Approve Proposed Merger I am thrilled to partner with experienced leaders and talented teams within both businesses that will drive our differentiated One Apollo model forward. And that trend has continued in 2023 so far. Though 2023 won't be a year defined by "new toys," as Rowan said previously, Apollo has done a handful of big deals while moving others over the finish line. "So public equity markets, technology, [and] growth clearly succumbed to the siren song of liquidity. Market Intelligence Black, 67, is worth $6.2 billion, according to Forbes magazine. Contacts. Siddiquis lawyer Lisa Solbakken said the emails reflect no wrongful conduct, and the new allegations should be rejected. These forward-looking statements are based on managements beliefs, as well as assumptions made by, and information currently available to, management. Athene and Apollo Announce Closing of Transaction to Strengthen The news and analysis powering European private equity. APOLLO GLOBAL MANAGEMENT, INC. : Bedrijfscommunicatie en persberichten APOLLO GLOBAL MANAGEMENT, INC. | APO1 * | US03769M1062 | Mexican Stock Exchange Apollo Completes Merger with Athene and Finalizes Key As a larger and more liquid company with a single class of common stock and industry-leading corporate governance, Apollo is now eligible for inclusion in the S&P 500 index. Gain a global perspective on the US and go beyond with curated news and analysis from 600 The lawsuit is ongoing. Experts Say Apollo's Athene Acquisition Will Position - PLANSPONSOR Head of Marketing & Corporate Communications, Athene 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. Apollo to Acquire Athene Through $11B Deal | ThinkAdvisor Athene and Caldera have battled each other for control of American Equity Investment Life Holding Co AEL.N, an annuities specialist that put itself up for sale in May, the Financial Times has reported. Apollo had $547.6 billion in assets under management (AUM) as 2022 came to a close, according to SEC filings. 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. The company's shares were up nearly 19% in premarket trade, while Apollo was up 4.7%. (212) 822-0540 Athene has since become a large U.S. annuity provider, with net income nearly doubling last year to $1.45 billion. Rowan, who co-founded the firm with Josh Harris and Leon Black in 1990, took the helm at Apollo in 2021. The buyout mogul who created Apollo Global Management Inc. is suing two former employees of Athene Holding Ltd., claiming they covered . He said, fundamentally, the goal for Apollo is to think long-term about each of its businesses, especially private equity. Apollo Global Management APO has announced an all-stock deal worth $11 billion to merge with Athene Holding ATH. Bermuda court orders halt to US lawsuit against Apollo Follow Yahoo Finance on Twitter, Facebook, Instagram, LinkedIn, and YouTube. (212) 822-0491. The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui . As a result of the merger, the combined entity Apollo Global Management, Inc., led by Chief Executive Officer Apollo, Leon Black say ex-partner's theft shows 'betrayal' Management continues to expect the transaction to be credit ratings positive for all rated entities within the combined company. Joanna Rose Apollo Law began with a simple premise: that employees and consumers should have access to top-flight counsel on appeal. Apollo-Athene: the new Berkshire Hathaway? | Financial Times 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. offers FT membership to read for free. Mar 8, 2021, 1:57 PM PST. The case is Caldera Holdings Ltd et al v Apollo Global Management LLC et al, New York State Supreme Court, New York County, No. Apollo Proposes Merger With Insurance Firm Athene - Business Insider Bermuda court issues temporary injunction to block Apollo, Athene lawsuit Following the transaction, Apollo Global Management, Inc. is now the publicly traded combined entity, with approximately 600 million shares of a single class of voting stock entitled to one vote per share. We want to hear from you. It also owns. Scott Kleinman Apollo Law It is rare for private equity firms to accuse former executives publicly of stealing trade secrets. 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. "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." 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. The elaborate 131-page complaint alleges violations of the Racketeer Influenced and Corrupt Organizations Act (RICO). Communications@apollo.com. 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. We represent employees and consumers in the United States Courts of Appeals and Supreme Court. Leon Black's Apollo Sues Former Employees - Bloomberg Yet Athene's shares underperformed the insurance sector following its stock market debut in 2016, prompting a bid from Apollo for its assets. Amanda Carstens Steward. 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. 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. We use Integrating that business. Apollo recently owned about 10 percent of Athene and controlled more than one-third of its voting power, according to a regulatory filing. Simply log into Settings & Account and select "Cancel" on the right-hand side. offers FT membership to read for free. To learn more, please visit www.apollo.com. IR@apollo.com. Apollo and Siddiqui have had multiple cases against each other, including in arbitration. Head of Marketing & Corporate . The relationships between Apollo and Athene have benefited shareholders and policyholders, according to people with knowledge of the firms' thinking. analyse how our Sites are used. For a full comparison of Standard and Premium Digital, click here. and 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. Standard Digital includes access to a wealth of global news, analysis and expert opinion. 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. For Media: Joanna Rose. Scott Kleinman Global Head of Investor Relations, Apollo This press release contains forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Reporting by Jonathan Stempel in New York; Editing by Dan Grebler. This press release does not constitute an offer of any Apollo fund. Compare Standard and Premium Digital here. You can still enjoy your subscription until the end of your current billing period. The reference to emails in 2017 smacks of desperation.. 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. Follow her on Twitter at @agarfinks and on LinkedIn. 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. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Athene, through its subsidiaries, is a leading financial services company with total assets of $224.4 billion as of September 30, 2021 and . personalising content and ads, providing social media features and to 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). Data is a real-time snapshot *Data is delayed at least 15 minutes. . Under the terms of the deal, each outstanding class A common share of Athene will be exchanged for 1.149 shares of Apollo common stock, representing a premium of about 16.5% to Athene's closing share price on Friday. The full list of representatives can be found in the governance section of https://ir.apollo.com/. In addition, Apollo expects the enhanced trading profile of its stock to attract a broader and diversified investor base over time. cookies Apollo Global Management Inc. is moving to gain full control over Athene Holding Ltd., a large life insurer. Apollo Global to buy annuities provider Athene in $11 billion deal - CNBC 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. Eventually, the litigation was brought to a halt by a Bermuda court ordering that any lawsuit should have been filed in the island territory where the . You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Global Head of Corporate Communications, Apollo. An investor in Athene, the pension fund filed a complaint in June accusing Apollo and Athene of "dishonestly assisting" directors of the private equity firm's insurance unit of engaging in . You can still enjoy your subscription until the end of your current billing period. The company also closed its acquisition of Atlas Air Worldwide, a deal done alongside J.F. Apollo Asset Management will continue to be led day-to-day by its Co-Presidents Each outstanding Class A common share of Athene was exchanged for a fixed ratio of 1.149 shares of Apollo stock. "If we make decisions as if we're going to own it forever, we usually will make the right decision. Whether we own it forever or not isn't the point.". M&A was notably slow over the course of 2022, curtailed by the Fed's rising rates as well as economic and geopolitical volatility. Lehman and Hill City Capital. If you typed the URL into your browser, check that you entered it correctly. On Mar 8, 2021, Apollo ( NYSE: APO) and Athene ( ATH) announced their merger. The lawsuit is another chapter in a long-running tussle Black has had with former executive Imran Siddiqui. 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.
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