Apollo to ‘Spend a Lot of Time’ in Japan to Tap Retirement Needs

(Bloomberg) -- Apollo Global Management Inc. will likely “spend a lot of time” in Japan as the New York-based investment firm seeks to capitalize on Asia’s fast-growing market for retirement services, according to its chief executive officer.

“Japan in particular is a good retirement services market,” Marc Rowan said in an interview with Bloomberg TV Monday. “Its older population has a tremendous need for retirement income” after many years of low interest rates.

Apollo, which has about $10 billion of investments in Asia-Pacific, is beefing up its presence in a region seen as the global growth engine. The firm sees a growing opportunity in Asia, particularly in Japan, where “there are massive pools of savings,” Rowan said in October. Overall, Apollo expects to double assets under management to $1 trillion in five years. 

Read more about Apollo’s plans for the Asia-Pacific region

Japanese households keep about half of their 2 quadrillion yen of assets ($17.5 trillion) in cash and deposits, according to central bank data. 

Apollo recently hired Toby Myerson as a senior advisor in Japan, the latest in a series of steps to strengthen local operations since the company opened an office in the nation in 2020.

The firm plans to sell wealth management products for Japan’s rich in collaboration with local banks and brokerages, including so-called alternative credit that involves assets such as bonds of unlisted firms, the Nikkei newspaper recently reported.

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