Apollo Global founder sets up family office at Abu Dhabi’s ADGM

DUBAI: Leon Black, the esteemed founder of Apollo Global Management, is embarking on a significant expansion of his family office, Elysium Management, by launching a new branch named Scimitar at the Abu Dhabi Global Market (ADGM).

The strategic move marks Elysium’s first foray into international operations, showcasing a profound commitment to global finance and investment opportunities.

At the helm of this new office will be Black’s son, Ben Black, who will collaborate with Abu Dhabi-based financier Asad Hussaini to establish and expand the credit platform known as Fortinbras.

Abu Dhabi: a vital hub

The partnership is emblematic of Elysium’s ambition to integrate itself into the rapidly evolving financial landscape of the UAE, which is becoming an increasingly vital hub for global finance.

In discussing this expansion, Leon Black expressed his admiration for Abu Dhabi’s remarkable transformation over the last three decades, highlighting the visionary leadership that has facilitated unprecedented growth and prosperity in the region.

His statement reflects a long-standing connection to Abu Dhabi, noting his extensive visits over the years. Black articulated a desire for his family office to not only participate in this transformation but also to become an active and contributing member of the local community.

The establishment of Scimitar is indicative of ADGM’s role as a strategic base for leading global family offices, a sentiment echoed by ADGM itself. With a formidable net worth of $14 billion, Black spent three decades leading Apollo, a global alternative asset manager, with nearly $700 billion under management currently.