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Apollo Wants to ’Be the New Bank’ in 2012, Co-Founder Row

Apollo Global Management LLC, the private equity firm that went public last year, will focus less on traditional buyouts and more on its credit investment business in 2012, its co-founder said.

“Let’s be the new bank,” Marc Rowan, a senior managing director, said today at the Citibank Financial Services Conference in New York. “Let’s simply fill the holes created by the destruction of the financial system. Let’s be the new securitization market. Let’s not do traditional buyouts.”