Apollo buys most of Nicholas Schorsch's holdings

New York

APOLLO Global Management LLC, the alternative-asset manager run by Leon Black, is buying the bulk of embattled real estate investor Nicholas Schorsch's holdings.

Apollo will take a 60 per cent in a new company called AR Global Investments, which will absorb about US$19 billion now overseen by Mr Schorsch, the New York-based firm said on Thursday in a statement. Apollo will pay US$200 million in cash and US$178 million in stock for the stake in AR, which will manage real estate investment trusts (Reits) and other investments, according to a presentation on the firm's website.