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US firm Apollo hired to run credit alternatives for LD

American asset manager Apollo is set to manage a DKK 1.1 billion investment in alternative credit for Danish pension fund Lønmodtagernes Dyrtidsfond (LD).

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Danish pension fund Lønmodtagernes Dyrtidsfond (LD) has unveiled its new manager for its DKK 1.1 billion (EUR 147.8 million) alternative credit portfolio, appointing New-York based asset manager Apollo Global Management for the task. Apollo was founded in 1990 by Leon Black, who is still heads up the firm. He came from investment bank Drexel Burnham Lambert, where he had been managing director, head of Mergers & Acquisitions, and deputy head of Corporate Finance

Since then, Apollo has specialized in loans to companies with strained credit ratings, among other things, and its approximately 1,000 employees are currently managing USD 190 billion (about EUR 158.1 billion) from offices around North America, Europe, and Asia. Claus Buchwald Christjansen, Chief Investment Officer (CIO) at LD, says in regard to the choice of Apollo as manager: “We have had a long dialogue with the American manager over an extended period. We chose them simply because they are the best fit, and they are incredibly innovative in regards to controlling liquidity and hedging of the alternative credit investments.”

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