MONEY MANAGEMENT

Apollo hires former JPMAM executive to lead real assets unit

Joseph K. Azelby will join Apollo Global Management on Monday in the newly created position of global head of real assets, confirmed Charles Zehren, Apollo spokesman.

Joshua Harris, Apollo co-founder and senior managing director, announced the new hire during the alternative investment firm's earnings conference call on Friday.

Mr. Azelby will oversee Apollo's investments in equity real estate and real estate debt, as well as infrastructure and other sectors of real assets. Apollo's real estate assets under management totaled $12 billion as of March 31.

Mr. Azelby was managing director and CEO of global real assets at J.P. Morgan Asset Management (JPM) until his retirement earlier this year. The real assets unit is now led by Anton Pil and Chris Hayward, both managing partners in J.P. Morgan's global alternatives business.