Jim Zelter was named president of Apollo Global Management as part of a number of leadership-related moves aligned with the alternatives firm’s five-year plan.
The position is new, and Zelter will work closely with CEO Marc Rowan on the firm’s five-year plan, which was announced at its investor day in October. Zelter will also lead a number of key strategic initiatives across the asset management and retirement services businesses, a news release said.
Zelter joined in 2006 and was named co-president of Apollo Asset Management in 2018.
The firm said John Zito had been named co-president of Apollo asset management, working alongside Scott Kleinman. The two will oversee all investing activity and day-to-day management of the asset management business. Zito retains his role as head of credit.
Apollo also said it is finalizing a five-year extension to Rowan’s employment agreement. Further details were not immediately available.
“We are rich for talent at Apollo,” Rowan said in the news release. “These senior leadership appointments reflect that and will support our ongoing evolution as a next generation financial services firm. Jim has been a key partner to me for nearly two decades and prior to joining the firm spent more than 20 years in financial services. John is a talented investor who has built an impressive credit organization with strong leadership; he will be a natural complement to Scott and his equities expertise.”
Apollo sees a convergence of public and private markets in the next five years, as well as “the changing role of financial institutions. These promotions strengthen our position for the future as we execute on our five-year plan and capitalize on these opportunity sets,” Rowan added.
Regarding the extension to Rowan’s employment agreement, Chair Jay Clayton said in the release: “With Marc at the helm, the senior leadership team in place, and our dozens of remarkable senior professionals across the firm, the board is confident we have the talent and alignment to deliver on our five-year plan for all our stakeholders.”
Apollo had about $733 billion in assets under management as of Sept. 30. Under the five-year plan, leadership is aiming to increase that figure to $1.5 trillion.
