Apollo named Tatsuo Tanaka Japan chair of the company. Tanaka is a 50-year veteran of the banking and finance industry in Japan, having held various senior positions at several financial institutions, including deputy president of MUFG Bank and Mitsubishi UFJ Financial Group, chairman of Union Bank and, most recently, chairman of Citigroup Japan.
“This new role is a reflection of the importance we place on Japan and the growth opportunities we see in the country to provide fixed income replacement and other alternatives to Japanese institutions and retail investors,” Marc Rowan, CEO of Apollo, said. “Mr. Tanaka is a highly regarded leader and, in chairing Apollo’s Japan business, he will help drive our strategy to partner with Japanese institutions and savers to evolve their asset allocation toward alternatives.”
“I am optimistic about the growth potential of alternatives in the Japanese market and the role they can play in helping to meet long-term retirement income needs,” Tanaka said. “Apollo has built an incredible franchise over 30-plus years delivering downside-protected, excess yield to investors. It is a privilege to serve as their Japan chair as we bring Apollo’s expertise to new institutional partners and individual investors across the country.”
The appointment of Tanaka is another step in Apollo’s recent expansion in Japan. Earlier this year, Sumitomo Mitsui Trust Holdings and Sumitomo Mitsui Trust Bank (collectively, SuMiTRUST) committed $1.5 billion to invest side-by-side with Apollo and Athene in a proprietary portfolio of diversified alternative assets, representing a step in the broader introduction of alternatives to the Japanese market.
In addition, Apollo’s retirement services business, Athene, completed two offshore reinsurance transactions with Japanese insurance companies, helping to deliver retirement income products. Athene also established a representative office in Japan and hired two senior vice presidents there to study and pursue additional Japanese market opportunities.
“Japan is an important market for Apollo and one where we believe our platform is well suited to provide solutions across the capital structure for our corporate clients, deliver good returns for our investors and apply our expertise in retirement services to help individuals meet their retirement needs,” Matt Michelini, partner and head of the Asia-Pacific region for Apollo, said. “This appointment reflects our long-term commitment to the Japan market, and we believe Mr. Tanaka will help accelerate our growing asset management and retirement services businesses in Japan.”
As Japan chair, Tanaka will continue to support the entirety of Apollo’s asset management platform, including its equity business, which is led by Tetsuji Okamoto as partner and head of Japan private equity.