Apollo Readies Emerging Markets Effort

Apr 4 2014 | 10:16am ET

Apollo Global Management is set to launch its first-ever dedicated emerging-markets fund, led by a former JPMorgan Chase trader.

The New York-based alternative investments giant has created a new unit focused on corporate debt in Asia and Latin America, Bloomberg News reports. Apollo Emerging Markets will also cover infrastructure, project financing and special situations, its chief, Tolga Uzuner, said.

"There was a strategic decision that this was an asset class that has the potential to move the needle at Apollo," Uzuner told Bloomberg. "A lot of the credit-underwriting skills and requirements for emerging markets are similar to those in the firm's other areas of focus."

Uzuner would not comment on the potential size of his new unit, but did say that it would launch a number of funds in the next several years.

Uzuner was busy putting together his own hedge fund, Brocade Capital Management, last year when Apollo grabbed him in October. At JPMorgan, he was a credit trader at JPMorgan's chief investment office, now infamous as the home of the so-called "London whale," trader Bruno Iksil, whose moves cost the bank $6.2 billion.

Uzuner was not involved in Iksil's trades.

In addition to Uzuner, Apollo also hired Brocade CEO Stuart Firth, a former head of European distressed trading at Credit Suisse, and Richard Martin, formerly of Longwood Credit Partners.

While the new fund will be Apollo's first dedicated to emerging markets, the firm has invested in such markets before.

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