Retirement Services Business Update 2022
Below you’ll find footage of Apollo’s 2022 Retirement Services Business Update, featuring updates from senior leaders across the business on our performance, long-term growth strategy, and financial outlook.
Mr. Gunn re-joined Apollo in 2021 as the Global Head of Investor Relations. Prior to Apollo he spent three years at Athene Holding as the Head of Investor Relations. For the preceding five year period commencing in 2013, Mr. Gunn worked at Apollo as a Principal and Investor Relations Manager. Prior to 2013, he spent the preceding six years working at three different banks in equity research covering a diverse group of financial companies, including alternative asset managers. His prior employers include Bank of America Merrill Lynch, Deutsche Bank, and UBS. Previously, Mr. Gunn earned a M.S. Accounting degree from the University of Virginia and a B.S. in Finance degree from Bentley University.
Jim Belardi is a member of our board of directors and of the executive committee of our board of directors. Mr. Belardi is Co-Founder of Athene Holding Ltd. (“AHL”), and has served as AHL’s Chairman, Chief Executive Officer and Chief Investment Officer since May 2009. In addition, Mr. Belardi is the founder, Chairman and Chief Executive Officer of ISG, AHL’s investment manager. He is a member of AHL’s executive committee and ISG’s executive committee. Mr. Belardi is responsible for AHL’s overall strategic direction and management and the day-to-day management of its investment portfolio. Prior to founding AHL and ISG, Mr. Belardi was President of SunAmerica Life Insurance Company and was also Executive Vice President and Chief Investment Officer of AIG Retirement Services, Inc., where he had responsibility for an invested-asset portfolio of $250 billion. Mr. Belardi has a Bachelor of Arts degree in economics from Stanford University and a Master of Business Administration from the University of California, Los Angeles. He currently serves on the board of directors of ISG, Paulist Productions, where he chairs the investment committee, and Southern California Aquatics. Mr. Belardi swam in the 1976 and 1980 Olympic Swimming Trials and is a nine-time Masters Swimming World Record Holder.
Grant Kvalheim has served as Athene’s President since April 2022. Mr. Kvalheim also serves as the Chief Executive Officer of Athene USA Corporation, a role he has held since June 2015, and President of Athene USA Corporation, a role he has held since January 2011. Prior to assuming his current role, he served as our President from January 2011 until September 2015, as our Chief Financial Officer from January 2011 until April 2013 and as a director on our board of directors from January 2012 until February 2014. Together with Mr. Belardi, Mr. Kvalheim is responsible for our overall strategic direction. He leads our U.S. operating companies with a focus on growing our retail annuity, flow reinsurance, and funding agreements businesses. Along with Vishal Seth of Apollo, he oversees Athene’s pension group annuity and corporate development activities. including overseeing our distribution channels, which includes retail and institutional channels, corporate development and risk activities. Prior to joining our Company, Mr. Kvalheim was a senior executive of Barclays Capital (“Barclays”) from early 2001 to the end of 2007, becoming Co-President in September 2005. During his time at Barclays, he converted a European cash investment grade business into a leading global cash and derivatives business across both securitized and non-securitized credit products, and significantly expanded Barclays’ investment banking platform. Prior to joining Barclays, Mr. Kvalheim held senior executive positions in the investment banks of Deutsche Bank and Merrill Lynch.
Mr. Kvalheim has a Bachelor of Arts degree in economics from Claremont McKenna College and a Master of Business Administration in finance from the University of Chicago. He currently serves on the board of directors of Mottahedeh & Co., Sol Health, United Way of Central Iowa, and the Greater Des Moines Partnership.
Michael S. Downing serves as Athene’s Chief Operating Officer, Executive Vice President and Chief Actuary. He is responsible for overseeing global actuarial valuation, modeling, pricing, product development, and product go-to-market.
Prior to joining Athene, Mr. Downing spent seven years at The Allstate Corporation, leading the turnaround of the annuity business in his role as the Vice President of Inforce and Risk Management. As a result of his success, he was promoted to Senior Vice President for Product and Actuarial Services. Before joining Allstate, Mr. Downing was a Managing Principal at Aon Hewitt, leading the International Consulting practice following overseas assignments in the UK and Switzerland. A founding member of the Pension Risk Services consulting practice, he advised large multinational clients on global benefits strategy, governance and pension risk management. His career in business spans more than 21 years.
He holds a bachelor’s degree in Mathematics from Gustavus Adolphus College in St. Peter, Minnesota. He is a Fellow of the Society of Actuaries (FSA), an Enrolled Actuary (EA) and a Certified Enterprise Risk Analyst (CERA).
Doug Niemann has served as Athene’s Executive Vice President and Chief Risk Officer since May 2020. Mr. Niemann is responsible for overseeing our enterprise risk management functions, as well as providing key support in connection with strategic operating decisions across our Company. Mr. Niemann brings over 25 years of experience and expertise in risk management related to insurance. Prior to joining our Company, Mr. Niemann was the Senior Managing Director of Investment Management and Chief Investment Risk Officer for Guardian Life Insurance Company. Before joining Guardian Life Insurance Company, he was the Managing Director and Chief Investment Strategist of Global Insurance Solutions at JP Morgan Asset Management and served as the Managing Director and Head of Asset Liability Management at AIG Asset Management. He also held the positions of Head of Investment and Financial Risk and Head of Group Risk Modeling at Zurich Financial Services.
Mr. Niemann has a Master in Business Administration in risk management and insurance as well as finance, investments and banking from the University of Wisconsin Madison School of Business and a Bachelor of Arts in economics from Northwestern University in Evanston, Illinois.
Bret Leas is Partner and Head of Global Corporate Structured Credit & ABS at Apollo. Prior to joining in 2009, Bret was Director in the Credit Structuring Group at Barclays Capital with primary responsibility for the loan structuring and advisory team. At Barclays Capital, he developed their market value and TRS CLO programs as well as their ABS CDO commercial paper program. Previously, he was an associate at Weil, Gotshal & Manges LLP, primarily focusing on asset-backed securities, CDOs and credit derivatives.
Bret graduated cum laude from the University of Maryland with a BA in History and received his JD cum laude from Georgetown University Law Center. He is a member of the board of directors of the Make-A-Wish Foundation of Metro New York and Western New York and a member of the board of Redding Ridge Asset Management.
Scott Weiner is Partner, Real Assets at Apollo, where he heads its commercial real estate debt business, and oversees the Firm’s performing, commercial real estate loan origination, acquisition and asset management activities, which include first mortgage, mezzanine and preferred equity investments and commercial mortgage-backed securities (CMBS) across managed accounts. Scott also oversees Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI), a publicly traded commercial mortgage real estate investment trust managed by an Apollo affiliate. In addition, he serves as Chief Investment Officer of the manager of ARI. Prior to joining Apollo in 2009, Scott was Managing Director at Barclays Capital, where he led the group responsible for large mortgage loans and structured finance transactions. Previously, he was Senior Vice President at Lehman Brothers in the commercial real estate finance area where he specialized in structured first mortgage, mezzanine and preferred equity investments.
Scott graduated from Johns Hopkins University with a BA in International Studies.
Martin P. Klein has served as Athene’s Executive Vice President and Chief Financial Officer since November 2015. Mr. Klein also serves as a director of several of our insurance subsidiaries. Mr. Klein is responsible for overseeing our financial management, including our enterprise finance, reporting, tax, actuarial and internal audit functions. He also helps develop and execute strategic operating decisions across our Company. Prior to joining our Company, Mr. Klein was employed by Genworth Financial, Inc. (“Genworth”) from May 2011 through October 2015, where he most recently served as Executive Vice President & Chief Financial Officer, and also served as Genworth’s Acting President & Chief Executive Officer during most of 2012. Prior to joining Genworth in 2011, Mr. Klein served as a Managing Director at Barclays, after its acquisition of the U.S. operations of Lehman Brothers Holdings, Inc. Mr. Klein joined Lehman Brothers in 1998, where he served as a Managing Director and head of the Insurance & Pension Solutions Group. Prior to Lehman Brothers, Mr. Klein had been with Zurich Insurance Group from 1994 to 1998 as Managing Director of Zurich Investment Management. Prior to Zurich, Mr. Klein served in finance and actuarial roles in other insurance organizations early in his career. Mr. Klein currently serves on the board of Caritas, a non-profit organization in Richmond, Virginia.
Mr. Klein is a Fellow of the Society of Actuaries and a Chartered Financial Analyst. He received his Bachelor of Arts in mathematics and business administration from Hope College and a Master of Science in statistics and actuarial science from the University of Iowa.
Martin Kelly joined Apollo in 2012 and serves as Chief Financial Officer of Apollo Global Management, Inc. Mr. Kelly also served as Chief Financial Officer of Apollo Asset Management, Inc. from September 2012 through February 2022 and Co-Chief Operating Officer of Apollo Asset Management, Inc. from January 2019 through December 2021. From 2008 to 2012, Mr. Kelly was with Barclays Capital and, from 2000 to 2008, Mr. Kelly was with Lehman Brothers Holdings Inc. Prior to departing Barclays Capital, Mr. Kelly served as Managing Director, CFO of the Americas, and Global Head of Financial Control for their Corporate and Investment Bank. Prior to joining Lehman Brothers in 2000, Mr. Kelly spent 13 years with PricewaterhouseCoopers LLP, including serving in the Financial Services Group in New York from 1994 to 2000. Mr. Kelly was appointed a Partner of the firm in 1999. Mr. Kelly received a degree in Commerce, majoring in Finance and Accounting, from the University of New South Wales in 1989.
Mr. Rowan is a Co-Founder and CEO of Apollo Global Management, Inc. He currently serves on the boards of directors of Apollo Global Management, Inc., Athene Holding Ltd. and Athora Holding Ltd. Currently, Mr. Rowan is Chair of the Board of Advisors of The Wharton School and a member of the University of Pennsylvania’s Board of Trustees. In addition, he is involved in public policy and is an initial funder and contributor to the development of the Penn Wharton Budget Model, a nonpartisan research initiative which provides analysis of public policy’s fiscal impact. An active philanthropist and civically engaged, Mr. Rowan is a founding member and Chair of Youth Renewal Fund and Vice Chair of Darca, Israel’s top educational network operating 45 schools with over 25,000 students throughout its most diverse and under-served communities. He is an Executive Committee member of the Civil Society Fellowship, a partnership of ADL and the Aspen Institute, designed to empower the next generation of community leaders and problem solvers.
Mr. Rowan graduated summa cum laude from the University of Pennsylvania’s Wharton School of Business with a BS and an MBA in Finance.