Sector developments and company hires

Asset and liability origination tie-up agreed
Apollo and Athene have entered into a definitive agreement to merge in an all-stock transaction that implies a total equity value of approximately US$11bn for Athene. Upon closing of the merger, current Apollo shareholders will own approximately 76% of the combined company on a fully diluted basis and Athene shareholders will own approximately 24%.

The merger of Apollo and Athene combines two growth companies providing products and services that are in high demand – investment returns and retirement income. The aim is to allow the company to rapidly scale asset and liability origination, broaden distribution channels and act as a leading global solutions provider.

The combined company will be led by incoming Apollo ceo Marc Rowan, while Apollo’s business will continue to be led by co-presidents Scott Kleinman and James Zelter. Athene will continue to be led by ceo Jim Belardi, with his current management team and full workforce.

The board of the combined company will comprise 18 members that are two-thirds independent. Four directors of Athene are expected to join, including Jim Belardi. Chairman Leon Black, co-founder Josh Harris and lead independent director Jay Clayton will continue to serve in their respective roles.

The transaction is expected to close in January 2022, pending customary closing conditions.

In other news…

EMEA
Administration solutions provider Crestbridge has opened an office in Ireland and hired Andrea Lennon as director and head of funds, Ireland. The move aims to facilitate the firm’s ability to support US investment into Europe and it initially intends to focus on supporting clients with multi-jurisdictional structures.

Lennon has over 20 years’ experience in the investment funds industry, working across the full end-to-end value chain, including product development and lifecycle. She was previously a director at FundRock Management Company and has also worked at Brown Brothers Harriman, Link Group and BNY Mellon.

Lennon is joined by Áine Hickey, as head of risk and compliance, Ireland. She has over 13 years’ financial services experience across fund administration, asset management, banking and capital markets. Hickey was previously a chief risk officer at Intertrust Group and has also worked at PwC and Northern Trust.

HIG Capital has further expanded its European WhiteHorse team with the addition of Laurent Vaille and Charles Bourgeois as principals, based in the firm’s London office and Paris office respectively. With 13 years of experience in direct lending and corporate finance, the pair were previously executive directors in the private debt division of Tikehau Capital in Paris. Prior to that, Vaille worked for Ernst & Young and Deloitte Finance, while Bourgeois was previously with GE Capital, SG and LD&A Jupiter.

Moody’s ESG solutions group has appointed Rahul Ghosh to the newly created role of md of ESG outreach and research. He will oversee MESG’s outreach activities with global sustainability stakeholders and manage its thought leadership.

Ghosh joined Moody’s in 2014 from BMI Research. Most recently, he was svp, global emerging markets, responsible for the origination and publication of thematic research on global emerging market credit trends.

North America
Capital Four has hired Jim Wiant as partner, ceo of Capital Four US and portfolio manager. He will establish and lead the firm’s US efforts. Wiant joins from MidOcean Credit Partners, where he was a senior member for 12 years. Before that, he worked at Deerfield Capital Management, Golub Capital, Deutsche Bank and Salomon Smith Barney.