In this article
Apollo Global Management
CEO Marc Rowan on Wednesday warned investors that he was preparing his giant asset management firm for a potential market downturn and sharply criticized what he called the “egregious” practices of some rival insurers.
The current solid economic backdrop — which helped Apollo report a banner quarter, in which the firm reached $1 trillion in assets under management and record fee-related earnings — is masking a growing risk of what he called “out of the box” shocks.
“Everything we see in front of us is actually quite strong,” Rowan said. But there is “a much greater chance, in our opinion, of out-of-sideline results.”
