James Zelter, Managing Director of Apollo’s Capital Markets Business, said, “The Stone Tower team, which has a strong cultural fit with Apollo, has built an outstanding franchise and track record, and we are pleased they will be joining our capital markets business. The transaction will allow Apollo to offer a greater variety of investment products to our combined investor base and expand the breadth of our credit coverage. These strategic benefits are significant to our business, particularly amid the cyclical volatility and secular changes which we believe are creating voids in the marketplace that our combined platform can now effectively fill.”Michael Levitt, Chairman and Chief Executive of Stone Tower, will be joining Apollo under a long-term employment agreement as Vice Chairman of Apollo Credit Management, Apollo’s credit management business. Mr. Levitt said, “We believe Apollo’s integrated business model, global credit and capital markets expertise, scale, diversity and significant resources make this transaction a highly compelling one for our investors. Alternative credit is an increasingly strong and attractive asset class, and we believe our combined expertise will deliver value to our investors while continuing to build and grow Apollo’s industry-leading credit asset management business.” Stone Tower was advised by GreensLedge Capital Markets LLC and Weil, Gotshal & Manges LLP. Apollo was advised by Citigroup Global Markets Inc. and Paul, Weiss, Rifkind, Wharton & Garrison LLP. About Apollo Global Management Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo had assets under management of more than $65 billion as of September 30, 2011, in private equity, credit-oriented capital markets and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com. About Stone Tower Capital Stone Tower Capital LLC is a leading independent alternative credit asset manager with approximately $17 billion in assets under management. The firm, founded in 2001, specializes in a variety of corporate and structured credit and credit-related products. Stone Tower has a global investor base that includes state and county pension funds, superannuation funds, corporate pension funds, insurance companies, family offices, university endowments, and high-net-worth individuals. The firm is headquartered in New York with offices in Los Angeles and Dublin. Stone Tower operates through its advisory affiliates which are registered with the Securities and Exchange Commission as investment advisers under the Investment Advisers Act of 1940.
1 Apollo’s assets under management as of September 30, 2011 pro-forma for Stone Tower assets under management.2 Approximately $5 billion of Stone Tower’s Structured Products AUM consists of SIV unwind advisory contracts, ABS CDOs and other short-term funds which have an estimated remaining life of 12-18 months. Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50109031&lang=en