Apollo Global appoints former U.S. Senator Patrick Toomey to board

(Reuters) – Apollo Global Management Inc said on Wednesday former U.S. Senator Patrick Toomey has been appointed to its board, effective March 15.

In a political career spanning decades, Toomey represented Pennsylvania in the Senate from 2011 to 2023, serving on the Senate banking, housing, and urban affairs, budget, and finance committees.

Toomey, a member of the Republican Party, previously served in the U.S. House of Representatives from 1999 to 2005, where he was a member of the house budget committee.

The appointment comes at a turbulent time for private equity firms which have struggled over the past year due to stubbornly high inflation, rising interest rates and geopolitical turmoil that together weighed on sentiment and crimped lucrative exit from investments.

Earlier in February, New York-based Apollo said its fourth-quarter adjusted net income rose 77% owing to strong earnings from its retirement services business, even as gains were partly offset by a steep decline in its PE portfolio.

Shares in Apollo have rallied nearly 9% so far this year after closing 2022 down 12%.

(Reporting by Manya Saini in Bengaluru; Editing by Maju Samuel)