Key Takeaways
- Geography: Switzerland.
Analysis
Apollo Global Management has opened a new office in Zurich, Switzerland, marking a major step in its push to grow its footprint in the European private wealth market. The firm plans to build a local team of up to 50 professionals in the city over the next three to five years, according to people familiar with the matter.
The move reflects Apollo’s growing focus on high-net-worth individuals, family offices, and private banking channels, as institutional fundraising plateaus. Staff from across Apollo’s European operations, including London, have already begun relocating, with additional local hiring underway.
The decision comes in the wake of the UK’s non-dom tax regime overhaul, which has caused a ripple effect across the wealth management landscape. Several alternative investment firms and advisers are reportedly rethinking their geographic presence, prompting relocations to Switzerland, a leading global wealth hub.
Zurich offers proximity to key client groups, including insurers, private banks, and family offices, making it a strategic base for firms looking to scale their retail-facing distribution. The new office will be led by Veronique Fournier, Apollo’s Head of Global Wealth for EMEA.
Apollo already operates in Zurich through its insurance solutions platform, offering private credit and alternative strategies to insurers and reinsurers. The firm also owns Athene, a major U.S. annuity provider, and is a backer of Athora, a European insurer. These platforms generate consistent capital flows into Apollo-managed credit, infrastructure, and hybrid strategies.
The Zurich launch is part of Apollo’s broader plan to grow its assets under management (AUM) to nearly $1.5 trillion by 2029. The firm’s global wealth unit attracted record capital in 2024, reinforcing the importance of expanding into private capital distribution channels.
Apollo joins other major alternative asset managers building a presence in Switzerland, including KKR, Oaktree Capital Management, and HarbourVest Partners, all of whom have recently opened offices to capture Europe’s rising tide of private wealth capital.