APOLLO Global Management is looking to boost hiring in the Asia-Pacific region as it seeks to grow assets from wealthy clients.
“We plan to double headcount for private wealth in Asia-Pacific in next two to three years,” said Edward Moon, head of Asia-Pacific global wealth management, adding that hiring will mostly come from Japan, Korea and Australia. It will also continue to build out the firm’s teams in Singapore and Hong Kong, Moon said.
Alternative asset managers from Blackstone to KKR are increasingly targeting wealthy individuals as a pool of capital to tap, with institutional funding from pension funds slowing. Capital Group and KKR partnered to debut two funds for wealthy investors in the first half of next year that will invest across public and private debt markets.
Apollo, which oversaw US$696 billion as at Jun 30, is targeting to raise at least US$150 billion for its global wealth business by 2029. It sees a US$150 trillion market opportunity in individual investors, with about 50 per cent of that coming from family offices and 2 per cent from high-net-worth people.
Since Apollo set up private wealth in the region in 2022, the firm has raised close to US$5 billion from wealthy investors in Asia, according to Moon.
Apollo declined to provide current headcount numbers for its wealth team in Asia, but said that it has a global support model that includes 140 people, who provide client services for bigger markets such as Hong Kong and Singapore. BLOOMBERG
