Apollo to Help Athene Attract More Retail Fund Cash
October 29, 2019 by Allison Bell
Apollo Global Management Inc. — a company that has been pouring institutional investor cash into the life insurance and annuity sectors — wants one of its major clients, Athene Holding Ltd. — to attract more money from the funds that serve ordinary retail investors.
Apollo and Athene today announced a series of transactions that could help Athene break into the S&P 500 stock index and, possibly, get its stock into more mutual fund and exchange-traded fund (ETF) portfolios.
Apollo is a publicly traded, New York-based investment company. Members of the public can buy its stock, but its best known for using cash from big institutional investors to invest in many different kinds of companies, including Great Wolf Resorts, Harrah’s Entertainment, the owner of Chuck E. Cheese’s, and life and annuity issuers.
Athene is a Pembroke, Bermuda-based insurer with stock that trades on the New York Stock Exchange under the symbol ATH. Athene now has about $139 billion in assets, and it has become a major issuer and reinsurer of life and annuity products. In the second quarter, Athene ranked 12th in the Secure Retirement Institute’s U.S. individual annuity sales rankings, with about $3.7 billion in new annuity sales.