For those who’re searching for a fast-growing, high-paying, modest type of place to work, there’s all the time Jane Street. However in case you’re not a developer or a quant, you would possibly wish to attempt Apollo International as a substitute. The buy-side agency is a reformed employer, and it has been performing some huge hiring.
Talking throughout Apollo’s investor name final week, Apollo’s CFO Martin Kelly stated the agency employed 350 individuals final yr, which by our reckoning was a rise of almost 9%. “Half the online new hires [were] situated in North America and Europe and the opposite half in Mumbai,” stated Kelly. In 2024, Apollo intends to rent in a “very focused” method, stated Kelly. Mumbai will stay a spotlight, however the fund can be centered on scaling origination, constructing excessive web price protection and taking a look at new merchandise and product creation. Talking on the identical name, CEO Marc Rowan burdened the agency’s historical past of loopy enlargement since 2008. “We have grown 14x. That is sooner than Apple’s income. That is sooner than Microsoft’s income. That is sooner than semiconductors, actually extraordinary,” Rowan enthused.
Whereas Apollo’s grown, it is modified. Three years in the past, juniors on the agency complained of 20-hour days and 3am grinds amongst dealmakers who ‘acted like jerks’. In 2021, the agency was reportedly compelled to hike associates’ pay by $100k to $550k a yr after a lot of them threatened to depart.
A few of Apollo’s historic laborious driving tradition seems to have been propagated by Josh Harris, the Apollo co-founder who stepped all the way down to handle his personal investments in mid-’21. In 2020, the Wall Street Journal accused of Harris of sending emails on Saturday mornings and following up with a “?” if he did not get a response inside 10 minutes. It stated Harris had a repute for ‘hammering younger analysts about their monetary fashions” and a penchant for saying issues like, “Some individuals play golf. Some individuals play tennis. I work.”
Marc Rowan took over as Apollo CEO in early 2021, across the time of the complaints about overwork. Underneath his administration, the tradition there has modified. Bloomberg stated final yr that it is grow to be extra cerebral, that there is much less micromanaging and extra variety. Talking off the report, one non-public fairness headhunter confirms that that is the case. “Apollo is now not a difficult or super-aggressive place to work,” he says, citing the expertise of individuals he is positioned there. “It attracts super-nice, low ego individuals now.”
This can be so, though some associates at Apollo would possibly disagree. Writing final yr on Wall Road Oasis, one younger feminine affiliate who claimed to work for the fund stated the hours had been nonetheless “insane” and that 80 hour weeks and being on name throughout the evening had been the norm.
Apollo ranked fourth among the many finest non-public capital employers to work for in our Perfect Employer report; it was judged as much less conducive to wellbeing than rival funds. Apollo did not shortly reply to a request to remark for this text.
Have a confidential story, tip, or remark you’d wish to share? Contact: +44 7537 182250 (SMS, Whatsapp or voicemail). Telegram: @SarahButcher. Click on right here to fill in our nameless kind, or e-mail [email protected]. Sign additionally out there.
Bear with us in case you go away a remark on the backside of this text: all our feedback are moderated by human beings. Generally these people could be asleep, or away from their desks, so it could take some time on your remark to seem. Finally it would – except it’s offensive or libelous (during which case it gained’t.)