Manager Leon Black – APOLLO GLOBAL MANAGEMENT Fund
For many traders and investors, the bankruptcy of a company, fund, or bank is always associated with enormous losses. Indeed, it is bankruptcy that triggers a sharp decline in the price of shares or debt held by the company.
However, while key shareholders are trying to quickly get rid of shares, the largest market sharks, on the contrary, are making the maximum purchase of problematic assets,
After all, with the right management, a block of shares bought for next to nothing can generate millions of dollars in profit.
In this article, you'll learn about the biography of one such stock market shark, who got rich on distressed assets.
Leon Black was born in 1951 in New York City to a wealthy family of a businessman and an artist. His father was an immigrant from Poland, while his mother was a native American.
It is worth noting that the father was the owner of the largest export company, United Brands, which supplied citrus fruits and other products to the United States and European countries.
Education and first tests.
Most interestingly, the love of art instilled in him by his mother, as well as the businessman's spirit instilled in him by his father, played a key role in Black's rise to billionaire status. After graduating from high school, Leon Black attended Dartmouth College, where he successfully earned a bachelor's degree.However, even at a young age, he had to endure the bitterness of loss. Tragically, his father, overcome by stress and fear of imprisonment, committed suicide by jumping from the 44th floor of a high-rise office building. His father was accused of securing numerous contracts with Honduras through government bribes. However, after his death, the case was dropped.
After graduating from college, the next step was to obtain an MBA from Harvard Business School, which would allow him to enter the investment world on Wall Street.
First steps in the world of business.
His first job didn't take long to arrive, as after graduating, he immediately joined Drexel Burnham Lambert. It's worth noting that working at the bank was his only job before becoming an independent manager.
At Drexel Burnham Lambert, Leon Black climbed the corporate ladder at breakneck speed, starting as a consultant and culminating in the position of managing director. However, he truly demonstrated his talents in the department that handled acquisitions, mergers, and distressed asset purchases.
Leon Black built an excellent team of specialists, and despite the fact that things were not going well at Drexel Burnham Lambert, Black and his team were considered to be highly qualified specialists in their field.
In 1990, following the collapse of the world's largest bank, Drexel Burnham Lambert, Leon was forced to leave his previous job. However, together with his team from the mergers and distressed assets department, he founded his own company, Apollo Global Management, that same year.
It's worth noting that Leon Black raised around $400 million for his very first project, after which his assets began to grow rapidly.
Speaking of his family life, Leon Black had to endure the most serious test of his life, as his beloved wife fell ill with skin cancer, but after grueling treatment and a long battle, the cancer finally retreated.
This event had a huge impact on Leon, so he donated 25 million to charity to fight the disease.
He then spent three years after his initial investment supporting melanoma research and invested an additional $15 million.
Apollo Global Management currently manages $2.32 billion, and Leon Black's personal net worth is $7 billion. Leon Black is also a leading art collector.
