Leon Black, the founder of Apollo Global Management and a leading figure in private equity with a net worth of over $14 billion, has set up a new branch of his family office, Elysium Management, at Abu Dhabi Global Market (ADGM). 

 

This strategic move underscores Black’s deep ties with the region, cultivated over 30 years through his leadership at Apollo, a global alternative asset manager with nearly $700 billion under management currently and reflects his growing commitment to making a deeper push within the region.

 

The new office, Scimitar, will serve as Elysium's first international office. Scimitar has brought on a team of seasoned professionals, including Abu Dhabi-based financier Asad Hussaini. Hussaini, alongside Black’s son Ben, will build out the credit platform Fortinbras.

 

Many facets

Black, known not only for his financial acumen but also for his passion as a philanthropist and prolific art collector, highlighted the significance of his long-standing relationship with Abu Dhabi. “I’ve long admired and respected the people of Abu Dhabi who are at the core of driving the development of UAE and the entire Gulf Region,” Black said in a statement. 

 

“I’ve been coming here for more than 30 years and the growth and prosperity that has occurred under Abu Dhabi’s visionary leadership is truly remarkable. My family office wants to be a part of that transformation and, more importantly, be an active member of this community. Having an office with local executives leading it is critical to our strategy and demonstrates our commitment.”

 

ADGM, the International Financial Centre of the UAE’s capital, Abu Dhabi, welcomed this move. “We are delighted to welcome Leon Black and Elysium Management to ADGM. Black brings with him a wealth of experience and an unwavering commitment to excellence, further contributing to our thriving ecosystem. This move not only reflects the deep ties between Black and the region but also underscores the importance of ADGM as a strategic base for leading global family offices. The establishment of the first international office for Elysium highlights Abu Dhabi as the destination of choice for global entities to grow their businesses and expand within the MEASA region and beyond.”--TradeArabia News Service