The global alternative asset manager has grown its operational presence across Tokyo, Sydney, Hong Kong, Mumbai and Singapore since 2006.“As we grow our franchise in Korea, we are excited to work alongside pensions, insurers and other institutions as a scaled provider of excess return,” said Apollo Partner and Head of Asia Pacific Matt Michelini.“We expect our reach will extend across the region’s retirement ecosystem, where we also aim to deliver yield-oriented solutions to individuals and savers seeking duration-matched income products.”South Korea is home to National Pension Service (NPS), manager of the world’s third-largest public pension fund with about 1,140 trillion won ($818.7 billion) in assets under management as of the end of August.
Apollo Global Management Inc., a US private equity powerhouse, said on Monday it has opened an office in Seoul to expand its business in Asia Pacific and named Lee Jay Hyun, a former senior executive vice president at Samsung Securities Co., as head of its South Korean operations.“Korea is a leading financial hub where we see a tremendous opportunity to serve investors and retirees across the risk-return spectrum and meet businesses’ growing demand for flexible, creative capital solutions,” Scott Kleinman, co-president of Apollo Asset Management, said in a statement.
He also held roles as head of Korea investment banking for BNP Paribas, executive director of investment banking at Goldman Sachs and additional roles at JP Morgan, KPMG Korea and Korea Long Term Credit Bank.“Apollo has an incredible platform delivering private capital and retirement solutions to clients globally and I am excited to lead their efforts on the ground in Korea,” Lee said.
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