Shares of private equity company Apollo Global Management Inc (NYSE:APO) are trading higher after several news pieces released at the market close Monday.
What Happened: An independent outside counsel found that Jeffrey Epstein was never retained by Apollo. It was also found that Epstein never invested in any Apollo-managed funds.
The report came after Apollo Chairman and CEO Leon Black’s relationship with Epstein was called into question as being connected to Apollo. Black pushed for a Conflicts Committee to conduct an independent investigation back in October.
Why It's Important: The investigation analyzed over 60,000 pieces of communication that included emails, texts, documents and interviews and found that Black paid Epstein $148 million for his financial advice.
All fees paid to Epstein from Black and his family were for tax planning, estate planning and other related services. No link to a connection between Black and Epstein’s criminal activity was found.
Apollo also announced Black will step down as the CEO by the end of July with Apollo Co-Founder Marc Rowan approved as the next CEO. Black will remain the company’s Chairman.
APO Price Action: Shares of Apollo are up 4.5% to $47.98 in after-hours trading.
Photo: Leon Black, Chairman and CEO of Apollo Global Management (Goldman Sachs YouTube)
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