Apollo structured credit chief in move to London

One of Apollo’s senior managers is moving from the US to develop the firm’s structured credit business.

Senior portfolio manager at Apollo Global Management Jim Galowski is relocating to London from the US, as the New York-headquartered firm seeks to develop its global structured credit business from London.

Galowski moves to London as co-head of structured credit and starts work in London this month, PDI understands.

Apollo declined to comment.

Galowski joined Apollo in 2012 having previously been a partner at Stone Tower Capital. Apollo bought the structured credit firm with offices in New York in and London in 2012.
Galowski has 26 years’ experience in the financial services industry, according to Apollo’s website. Previously, he had been with WestLB since 1990 in New York, London and Singapore.

In Singapore, he was responsible for the bank’s financial markets activities in the APAC region with trading rooms in Hong Kong, Singapore, Tokyo, Sydney and Shanghai.
He was also a managing director and served on the board and executive committee of WestLB Asset Management, which ultimately became Brightwater Capital Management. While with WestLB in New York he was responsible for the asset-backed securities (ABS) portfolio management business.

Apollo recently closed fundraising on $1.237 billion for its third structured credit fund, Apollo Structured Credit Recovery Fund III, as reported. Its third fund has 10 times the amount of assets under management as the firm’s two predecessor vehicles and had total invested capital of $613 million, as at the end of the second quarter. It had a total value of $548 million.

The report did not detail returns for the latest vehicle but gross and net internal rates of return were 33 percent and 22 percent for its first and second funds, as of the end of June.

The strategy invests primarily in a portfolio of collateralised loans obligations, collateralised debt obligations, various tranches of residential mortgage-backed securities, commercial mortgage-backed securities and other ABSs where it is able to find attractive risk-adjusted pricing.

The relocation of Galowski marks a trend in Apollo strengthening its London presence. The firm has recently hired John Stratton as its chief investment officer for a new European division called Apollo Asset Management Europe, as reported. He left UK insurance company Brit Insurance last month to take up the role.