Apollo Global Management Inc. hired BlackRock Inc. veteran Rick Moreno to bolster the buyout giant’s US team targeting investment firms for the ultra-rich.
Moreno recently joined Apollo to lead its West Coast family office coverage and will be based in both the San Francisco and Los Angeles areas, an Apollo spokesperson said. He worked at BlackRock for more than a decade in total and was most recently a managing director at the world’s largest asset manager.
At the same time, demand for private assets is booming among family offices, the typically discreet managers for the financial affairs of the wealthy that surged in number over the past two decades. BlackRock said recently investors including family offices are set to boost allocations to private equity and private credit this year despite recession fears and rising interest rates.
The West Coast is a major hub for US family offices with California ranked as the second-most popular location for such firms after New York, according to a 2023 report from KPMG and recruitment firm Agreus Group. Bayshore Global, the family office of Alphabet Inc. founder Sergey Brin, is based in Palo Alto, while San Francisco-based Medley Partners manages the personal wealth of Renaissance Technologies founder Jim Simons and his family.
Moreno started his career at Accenture and also worked at Salomon Brothers for more than a decade, according to his LinkedIn profile. He first joined BlackRock in the early 2000s and left in 2012 to become a director at KKR. He re-joined the asset manager in 2021.
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