Apollo adds Parr to management committee

Gary Parr left post at Lazard, where he led numerous crisis-era landmark transactions, to join the global alternative asset manager. 

Apollo Global Management has appointed Gary Parr as a senior managing director and co-chairman of the firm’s management operating committee, the firm said Thursday (8 December).

Parr joins the New York-based investment behemoth from Lazard, where he was a vice chairman at the advisory firm. He will offer strategic advice, oversee some operational activities, and explore investment opportunities across the entire firm, a source familiar with the matter told Private Debt Investor.

Parr comes to Apollo with more than three decades of experience advising financial institutions globally, including some of the most high-profile transactions during the 2008 financial meltdown.

Specifically, has advised on the restructuring of Lehman Brothers, the March 2008 sale of Bear Stearns to JPMorgan for $10 a share, the US Treasury restructuring of Fannie Mae and  Mitsubishi UFJ’s September 2008 $9 billion investment in Morgan Stanley.

The new senior managing director will report to Joshua Harris, a firm co-founder and co-chairman of the committee. Harris said in a statement that Parr is “one of the most respected executives in the financial services industry.”

Prior to Lazard, Parr held several positions at Morgan Stanley, including chairman and head of global financial institutions and co-head of the global mergers and acquisitions department. Parr was also previously co-president of the investment firm Wasserstein Perella.

“Over the course of my career I have grown to know and respect the professionals at Apollo,” Parr said, “who have built one of the most successful and innovative alternative investment management firms in the industry, and I am very excited to join the leadership team.”

Apollo has $189 billion in assets under management across the global asset firm’s private equity, credit and real estate funds as of September 30, 2016.