Apollo Global Management promotes 2 to co-president

Scott Kleinman and James Zelter were named co-presidents of alternative money manager Apollo Global Management, a news release said.

Both positions are new. Messrs. Kleinman and Zelter will start Jan. 1 and will report to Josh Harris, senior managing director and co-founder.

Mr. Kleinman will focus on equity and opportunistic businesses, while Mr. Zelter will focus on credit and yield businesses. They "both will continue to serve on the investment committees in their respective areas of focus," the news release said.

Mr. Kleinman is currently lead partner for private equity and a member of the management committee, and Mr. Zelter is managing director of Apollo's credit business, a member of the management committee, and also CEO and director of Apollo Investment Corp.

An Apollo spokesman declined further comment.