Apollo Expands Global Wealth Ambitions: Targets US$150 Billion with Major Asia-Pacific Hiring Push

Apollo Global Management is setting ambitious targets to expand its global wealth business, aiming to raise at least US$150 billion by 2029. This significant effort builds on Apollo’s collaboration with fintech firm Figure Technologies, with a focus on developing blockchain technology specifically tailored for the finance sector. With over US$696 billion in assets as of June 30, Apollo envisions tapping into an estimated US$150 trillion individual investor market, including family offices and high-net-worth individuals.

As part of its growth strategy, Apollo is intensifying recruitment efforts in the Asia-Pacific region. Edward Moon, head of Asia-Pacific global wealth management, revealed plans to double the headcount for private wealth in the region over the next two to three years, primarily focusing on Japan, South Korea, and Australia. Teams in Singapore and Hong Kong will also see continued growth. This expansion reflects a larger trend among alternative asset managers, such as Blackstone and KKR, who are increasingly targeting wealthy individual investors as traditional institutional funding from pension funds declines. KKR and Capital Group are expected to launch two new funds in early 2025, geared toward public and private debt markets, further underscoring the industry’s pivot.

Since establishing its private wealth division in Asia in 2022, Apollo has raised nearly US$5 billion from the region’s wealthy investors, underscoring the strong demand for alternative investments. Though Apollo declined to disclose specific staffing numbers for Asia, it operates with a global support model of approximately 140 people, particularly servicing key markets in Hong Kong and Singapore. This workforce aims to meet the rising demand for client services as the firm continues to expand its footprint across the Asia-Pacific.

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