Apollo Staffers Move to New Zurich Office in Fresh Blow to UK

(Bloomberg) — Private markets giant Apollo Global Management Inc. is tapping one of the world’s biggest wealth hubs with plans to build a team of 50 people over the next three to five years at a new office in Zurich. 

A number of staffers have relocated to the city from various locations in Europe, including London, already and Apollo is also planning to hire locally, according to people with knowledge of the matter. Some of the moves are also linked to the UK’s overhaul of its tax regime for some wealthy foreign residents, they said, asking not to be identified as the information is private. 

Alternative asset managers have been bulking up their offerings for affluent investors as institutional clients run up against the limit of new capital they can deploy to private markets. The outpost in Switzerland’s largest city gives Apollo access to private banks, a potential source of new pools of capital for the rapidly-growing alternative asset manager, and some of the region’s largest insurers.

Veronique Fournier, head of global wealth for the Europe, Middle East and Africa region, will lead the new office. Apollo, led by Marc Rowan, already employs about 500 people in Europe.

“We are pleased to continue expanding our presence across continental Europe and to open our first Zurich office, which will serve as a key hub for wealth and capital formation, client coverage and insurance portfolio solutions,” a spokeswoman for Apollo said. 

Apollo already employs insurance specialists in the city to sell the firm’s products to reinsurers and insurers. The money manager also owns life insurer Athene in the US and backs Athora in Europe, with sales of annuities providing capital to invest in private credit and other private-market products. The company has also been advising firms in the industry about boosting their returns.

“Switzerland is a market with strong financial services talent, including in wealth management and insurance, and we look forward to growing our team and presence over time,” the spokeswoman said.

Apollo has said it aims to grow its managed assets to almost $1.5 trillion by 2029. Earlier this year, the alternative asset manager said its wealth business raked in record capital in 2024. 

Apollo joins a number of alternative asset in expanding in the city in recent years. KKR & Co., Oaktree Capital Management LP and HarbourVest Partners LLC are among those opening offices to be closer to the country’s private banks, family offices and wealthy individuals. 

The UK’s ruling Labour party changed the so-called non-dom tax regime popular with wealthy foreigners, in the process exposing overseas assets to inheritance tax. Overseas holdings typically make up the bulk of non-doms’ fortunes and some have chosen to shift their residence as a result.

–With assistance from Leonard Kehnscherper.

(Updates story with more details on moves and AUM growth targets)

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