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Leon Black, the founder of Apollo Global Management, is launching a branch of his family office Elysium Management at the Abu Dhabi Global Market (ADGM).
The new office, Scimitar, will be Elysium’s first international office with Black’s son, Ben Black, working alongside Abu Dhabi-based financier Asad Hussaini to build out the credit platform Fortinbras.
Speaking about the UAE expansion, Black, 73, said the move would allow his office to be a part of the transformation that Abu Dhabi is spearheading.
“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,” Black said in a statement.
ADGM said the move “underscores the importance of ADGM as a strategic base for leading global family offices.”
With a net worth of $14 billion, Black spent three decades leading Apollo, a global alternative asset manager, with nearly $700 billion under management currently.
(Reporting by Bindu Rai, editing by Brinda Darasha)