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Investing.com -- Apollo Global Management (NYSE:APO) Inc., under CEO Marc Rowan, has seen a significant boost in its wealth business, recording a 50% increase in assets from the sector. The firm’s strategy to attract the affluent clientele appears to be yielding positive results.
Apollo Global, an alternative asset manager, has been competing to penetrate the expanding market of wealthy individuals. These individuals are eligible for sophisticated products, which in turn generate higher fees for the firm.
In the past year, the firm managed to raise $12 billion of capital from its global wealth business. This considerable capital influx moves Apollo closer to its ambitious target of amassing at least $150 billion by the year 2029.
The firm’s successful strategy of tapping into the wallets of wealthy clients has led to a record-breaking year in terms of capital raised. This success underscores the potential of the firm’s approach and its ability to attract the desired clientele.
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