APOLLO Global Management aims to increase hiring in the Asia-Pacific region as it aims to grow the assets of wealthy clients.

“We plan to double the number of private wealth employees in Asia-Pacific over the next two to three years,” said Edward Moon, head of global wealth management for Asia-Pacific, adding that the hires will come mostly from Japan, Korea and Australia. Moon also said that the firm will continue to build its teams in Singapore and Hong Kong.

Alternative asset managers from Blackstone to KKR are increasingly targeting wealthy individuals as a pool of capital to draw from as institutional funding from pension funds slows. Capital Group and KKR have partnered to launch two funds that will invest in public and private debt markets for wealthy investors in the first half of next year.

Apollo, which oversees US$696 billion as of June 30, aims to raise at least US$150 billion for its global asset business by 2029. He sees a US$150 trillion market opportunity for retail investors, with about 50 percent of that coming from foreign sources. family offices and 2 percent from high-net-worth individuals.

The company has raised close to $5 billion from wealthy investors in Asia since Apollo built private wealth in the region in 2022, according to Moon.

Apollo declined to give the current headcount of its Asian presence team but said it has a global support model that includes 140 people providing customer service for larger markets such as Hong Kong and Singapore. BLOOMBERG