Assets under management at the group reached $523bn in the third quarter
US-based private capital group Apollo Global was a major buyer of assets sold by UK pension funds during a weeklong liquidity crisis caused by margin calls triggered by surging yields on UK government bonds.
Apollo’s Athene annuities business purchased $1.1bn in highly rated collateralised loan obligation funds sold by UK pension funds that faced an avalanche of collateral calls in the days and weeks after the unveiling of a “mini” Budget by former prime minister Liz Truss and chancellor Kwasi Kwarteng in late September.
Apollo also confirmed that it was finalising a purchase of Credit Suisse’s securitised products business, which is being partially sold off by the under-pressure Swiss bank. The unit would become the firm’s 14th different corporate lending platform.
Read more: FT
