{"id":46183,"date":"2022-04-20T10:24:57","date_gmt":"2022-04-20T14:24:57","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/apollos-rowan-warns-rivals-to-ignore-blockchain-at-their-peril\/"},"modified":"2023-09-07T12:16:16","modified_gmt":"2023-09-07T16:16:16","slug":"apollos-rowan-warns-rivals-to-ignore-blockchain-at-their-peril","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/apollos-rowan-warns-rivals-to-ignore-blockchain-at-their-peril\/","title":{"rendered":"Apollo\u2019s Rowan warns rivals to ignore blockchain at their peril"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0080b86b25a]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0080b86b25a'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Apollo\u2019s Rowan warns rivals to ignore blockchain at their peril<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0080b8721b5'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Bloomberg News<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">April 20, 2022<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0080b875223'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>This article was written by Heather Perlberg. It appeared first on the Bloomberg Terminal.<\/em><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Apollo Global Management Inc.\u2019s Marc Rowan has been a pioneer in private equity for decades. The next big thing in the eyes of the billionaire: blockchain.<\/p>\n<p class=\"paywall\">\u201cThe ecosystem that\u2019s being built around crypto is nothing short of amazing,\u201d Rowan, co-founder and chief executive officer of New York-based Apollo,\u00a0said in an episode of <a href=\"https:\/\/www.bloomberg.com\/btv\/series\/david-rubenstein-wealth-show\" target=\"_blank\" rel=\"noopener noreferrer\">\u201cBloomberg Wealth with\u00a0David Rubenstein.\u201d<\/a> \u201cMany of the rails or the technology or the platforms or the systems that support what\u2019s happening in NFT are actually the precursor to changes in our financial system and we ignore them at our peril.\u201d<\/p>\n<p class=\"paywall\">Apollo started collaborating with fintech firm Figure Technologies last year on\u00a0blockchain technology designed specifically for the finance industry. The\u00a0companies have already originated digital mortgage loans and used blockchain to transfer ownership. Apollo also announced a partnership with Motive Partners, a private equity firm focusing on financial technology, and invested in crypto storage company Anchorage Digital.<\/p>\n<p>\u201cWe are moving our securitizations onto blockchain. We\u2019re taking stakes and backing challengers to the financial system,\u201d Rowan said. \u201cFintech is here to stay. Blockchain is here to stay.\u201d<\/p>\n<p>Rowan, 59, who became Apollo\u2019s CEO early last year, has an eye for spotting innovation early in the investing world. He was the brains behind acquiring Athene Holding Ltd., the insurer that made Apollo the envy of Wall Street. Known for\u00a0problem solving at Apollo and making strategic decisions for the firm, Rowan has largely avoided the spotlight.<\/p>\n<p><em>This interview has been edited and condensed.<\/em><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2 class=\"paywall\">Are you worried about the economy?<\/h2>\n<p class=\"paywall\">Of course we worry about the economy. And I think it plays well to how we think as a firm. If I were to describe what we do, we do \u2018purchase price matters.\u2019 That\u2019s different than value. Value only buys a certain type of company. But \u2018purchase price matters\u2019 means you have to always prepare for a cycle. You have to always prepare for some other kind of market. And we see lots of the signs of that today.<\/p>\n<h2 class=\"paywall\">Is cryptocurrency a good area to invest?<\/h2>\n<p class=\"paywall\">For me, personally, no. But the ecosystem that\u2019s being built around crypto is nothing short of amazing.<\/p>\n<h2 class=\"paywall\">Do you offer crypto-related investments to clients?<\/h2>\n<p class=\"paywall\">No, but we make use of them tremendously internally. Our pivot to fintech, given what we do as a large financial institution, has been\u00a0very deep. Increasingly, we are moving our securitizations onto blockchain. We\u2019re taking stakes and backing challengers to the financial system. Fintech is here to stay. Blockchain is here to stay. Crypto? I think the jury is out.<\/p>\n<h2 class=\"paywall\">What\u2019s the next big thing beyond that?<\/h2>\n<p class=\"paywall\">We\u2019re watching it take place right in front of us. I look at the whole NFT market, and we can look at art or all manner of crazy things trading hands as NFTs. But then I bring it back to real-world examples. Many of the rails or the technology or the platforms or the systems that support what\u2019s happening in NFT are actually the precursor to changes in our financial system and we ignore them at our peril.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Find out how Bloomberg's Private Banking Solutions can help your firm seize opportunities<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Learn more <\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_8293713586374330803\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/solutions\/private-wealth-management\/private-banking\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2 class=\"paywall\">It was reported you weren\u2019t dying to be a CEO. Now that you\u2019ve done it for a year, are you happy you\u2019re doing the job?<\/h2>\n<p class=\"paywall\">Best thing I\u2019ve ever done. It\u2019s a totally different challenge than what I had been doing previously, trying to do something where you have to motivate others to actually make you successful. It\u2019s just a different kind of\u00a0puzzle, and I love it.<\/p>\n<h2 class=\"paywall\">Do you get involved in investment decisions?<\/h2>\n<p class=\"paywall\">On\u00a0a day-to-day basis, no.<\/p>\n<h2 class=\"paywall\">If there\u2019s a big buyout investment, you basically let the team do it?<\/h2>\n<p class=\"paywall\">I say jokingly if it\u2019s life threatening, I will absolutely be involved. But most of what we do is handled by people who are much better equipped than I am to make the decision.<\/p>\n<h2 class=\"paywall\">So what are Apollo\u2019s main businesses?<\/h2>\n<p class=\"paywall\">We really are in three businesses. We are in the equity business. Think of equity as private equity. We\u2019re in the hybrid business. Hybrid business represents the midpoint between debt and equity. And we\u2019re in the yield business, and the yield business for us is primarily a fixed-income replacement business rather than an opportunistic business.<\/p>\n<h2 class=\"paywall\">What about your European business?<\/h2>\n<p class=\"paywall\">Europe looks exactly like the U.S., it\u2019s just a smaller version. We are in all three businesses. The ethos that we have of how we run our business has translated from the U.S. to Europe. I actually moved to London to set up our European business and lived there a number of years.<\/p>\n<h2 class=\"paywall\">Why\u2019d you move back?<\/h2>\n<p class=\"paywall\">Well, it was either stay forever, or go to high school in the U.S. for the kids.<\/p>\n<h2 class=\"paywall\">Are you worried about China as a place to invest these days?<\/h2>\n<p class=\"paywall\">We have not been big investors in China because we have not been big growth investors. We have not been out doing venture, not doing growth. We want growth, but we historically have not been prepared to pay for it.<\/p>\n<h2 class=\"paywall\">What about Japan?<\/h2>\n<p class=\"paywall\">I sometimes say if I have a free day &#8212;\u00a0anywhere in the world, I would spend it in Japan. It is a wonderful equity market in that corporations are maturing, they are selling off businesses. But equally as important, it\u2019s an amazing yield market. This is an older population that needs guaranteed income where yields have been low for so long that there is no source of guaranteed income, and they\u2019re very comfortable investing in the U.S.<\/p>\n<h2 class=\"paywall\">What do you recommend for the average investor interested in alternatives?<\/h2>\n<p class=\"paywall\">This whole notion of retail is actually fascinating. I think there are not great choices today. But I also think we\u2019re in the first inning, to use a sports analogy. We are currently offering high-net-worth and retail investors products that we created for other reasons in other markets.<\/p>\n<p class=\"paywall\">We are in the process of creating this next generation of products which will meet the needs for retail. They don\u2019t want capital calls. They can\u2019t get diversified by buying one fund here or there. They need diversification. They need low fees. They need alignment. They need liquidity. These things are not impossible. We\u2019ve (as an industry) just spent 35 years solving problems for large institutions and all that creativity is now being turned to this marketplace.<\/p>\n<h2 class=\"paywall\">What do you do that gives you pleasure, that\u2019s relaxing?<\/h2>\n<p class=\"paywall\">I love to mountain bike, wherever I am in the world. If I\u2019m going to the Middle East, I\u2019ll take my bike with me. If I\u2019m going to Europe, I\u2019ll take the bike. I have done some amazing rides. And for 60, I\u2019m actually quite good. Age adjusted, of course.<\/p>\n<h2 class=\"paywall\">Isn\u2019t that kind of dangerous? Do you have key man insurance for this?<\/h2>\n<p class=\"paywall\">No, I always ride with someone who\u2019s better than I am. So far, so good.<\/p>\n<h2 class=\"paywall\">What are the qualities you\u2019re looking for when you hire people?<\/h2>\n<p class=\"paywall\">There\u2019s no one type. We hired 424 people last year on a base of 1,600. That\u2019s a lot of\u00a0people and we\u2019re building a lot of different things. There are high-octane equity businesses. There are yield businesses. There are platforms. There\u2019s technology. There\u2019s marketing. So, there\u2019s no one skill set.<\/p>\n<p>People come here because they appreciate that we\u2019re entrepreneurs. Large banks have, by far, been the biggest source of our talent. We\u2019ve built something where people can take a skill set that they\u2019ve learned in another organization and come here and apply it in an entrepreneurial way.<\/p>\n<h2 class=\"paywall\">What\u2019s the best investment advice you\u2019ve ever received?<\/h2>\n<p class=\"paywall\">I don\u2019t know if it\u2019s investment advice but the two best pieces of advice I\u2019ve received are accept change before it\u2019s visited upon you, and don\u2019t be defensive, be curious.<\/p>\n<h2 class=\"paywall\">What is the most common mistake that investors make?<\/h2>\n<p class=\"paywall\">The one I see again and again and again for our institutional investors is the need for liquidity. Whether you\u2019re a pension fund, an endowment, a sovereign wealth fund, a retirement-services business or any other form of institution, you do not need the large portion of your assets to be liquid every day.<\/p>\n<aside class=\"left-rail-newsletter paywall\"><\/aside>\n<p class=\"paywall\">The risk these institutions should always get paid for is liquidity risk. And they have the opportunity, therefore, to earn excess return just by stepping back from public markets. But it\u2019s not how they were brought up. I don\u2019t think people yet understand how much beta there is in publicly traded markets.<\/p>\n<h2 class=\"paywall\">What would you tell the average investor who says, \u201cI\u2019ve got $100,000 to invest?\u201d<\/h2>\n<p class=\"paywall\">The best risk reward today is hybrid. You are stepping back from the publicly traded markets, so are getting the benefit of illiquidity and\u00a0getting downside protection because the world is uncertain from a geopolitical and an economic point of view.<\/p>\n<h2 class=\"paywall\">If you could ask any investor in the world for investment advice, who would you talk to?<\/h2>\n<p class=\"paywall\">I don\u2019t know that there\u2019s one investor I want to\u00a0talk to. I probably want to get the two bookends. Certainly to understand what\u2019s happening with Masa (Son) at SoftBank and probably (Warren) Buffett at the other bookend.<\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0080b87bce8]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0080b87bce8'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    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The next big thing in the eyes of the billionaire: blockchain.<\/p>\n","protected":false},"author":1672,"featured_media":32724,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"1254","footnotes":""},"categories":[457,453],"tags":[760,581,657,747],"series":[],"class_list":["post-46183","post","type-post","status-publish","format-standard","hentry","category-financial-services","category-markets","tag-760","tag-cryptocurrency","tag-private-equity","tag-sell-side","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Apollo\u2019s Rowan warns rivals to ignore blockchain at their peril | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Apollo Global Management Inc.\u2019s Marc Rowan has been a pioneer in private equity for decades. 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