170: The Irreversible Convergence of Public & Private Markets – With Scott Kleinman, Co-President of Apollo Asset Management
Money Maze Podcast
Money Maze Podcast
4.8 • 216 Ratings
🗓️ 1 April 2025
⏱️ 50 minutes
🧾️ Download transcript
Summary
It was also the name given to an asset management business created in 1990 and today with assets of over $750 billion*, it’s a leading provider of alternative asset management and retirement solutions.
In this conversation we understand Apollo’s growth, reach and specialisations. More importantly we discuss the convergence of the public and private asset management industries, where the accelerating marriage of alternatives and traditional assets appears irreversible. From institutional portfolios, now expanding into individual allocations, the trend appears early in its evolution.
Scott Kleinman, Co-President of Apollo Asset Management, reviews the liquidity aspects implied by this phenomenon. He discusses the role of banks, where regulation has allowed the growth of non-bank enterprises like Apollo to blossom, and the trade-offs, risk, reward and liquidity, investors will make.
He also describes opportunities and challenges, outside of the US where capital is less abundant, and securitisation malfunctioning. Finally, Scott offers some great advice to youth that “you can’t escape hard work” and “you should never stop asking why?!”
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.
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Transcript
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| 0:00.0 | we had a 14-year rate declining and then staying at zero type of an environment that it just |
| 0:06.8 | brought all sorts of folks out into the woodwork. And so that really changed the nature of private |
| 0:12.1 | equity. It massively scaled up the size of the industry. It pushed companies that probably |
| 0:19.1 | shouldn't have been bought out to be bought out. |
| 0:21.2 | It made it harder for investors to determine who's creating alpha and who is just riding levered data. |
| 0:29.4 | Welcome to the MoneyMays podcast. |
| 0:31.7 | This is your first time joining us. |
| 0:33.8 | I'm the host, Simon Brewer. |
| 0:35.2 | And in this show, we talk to proving leaders and thinkers from the worlds of business investing and beyond. |
| 0:41.6 | Money talks and money lose. The direction would you choose? It's the money, mate, here to pay the way. |
| 0:51.0 | To stay up to date with every episode, please do sign up to our newsletter via MoneyMase Podcast.com. |
| 0:57.0 | Episodes are also published on our YouTube channel and we're active on all major social media platforms. |
| 1:03.0 | Thank you for listening. |
| 1:05.0 | In the world of mythology, Apollo is one of the most revered and significant of all the ancient Greek and Roman gods. It was also the name of the name of the world of the world of the world of the world of the world of mythology, Apollo is one of the most revered and significant of all the ancient |
| 1:12.2 | Greek and Roman gods. It was also the name given to NASA's space program. And clearly, |
| 1:17.8 | with big hopes and aspirations, it was also the name given to an asset management business |
| 1:22.7 | created in 1990, today with assets of over $750 billion. |
| 1:28.5 | Now, for mortals, I calculated that this makes the firm close to the size of Switzerland's |
| 1:34.2 | entire GDP. |
| 1:36.2 | I'm sitting here in Switzerland as it happens recording, and my guest is in New York, |
| 1:40.2 | and I'm delighted to welcome Scott Klyman, co-president of Apollo asset management. Welcome, Scott. |
| 1:45.9 | Thank you. Thanks for having me, Simon. Scott, you joined Apollo in 1996. I think that's sort of, |
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