Apollo founder Leon Black quits leadership roles

Leon Black has quit his leadership roles at Apollo Global Management after his links to the dead paedophile Jeffrey Epstein came to overshadow the company he co-founded.

The $455bn investment group said Jay Clayton, former chairman of the Securities and Exchange Commission, would become non-executive chairman instead of Black staying on as chairman. Marc Rowan, Black's co-founder, will become chief executive as planned.

Black said the New York-based company's performance was strong and the group had announced a transformative merger with Athene, leaving the company in a good position for him to leave.

"I view this as the ideal moment to step back and focus on my family, my wife Debra’s and my health issues, and my many other interests," Black said in a statement. "I believe strongly that Apollo’s best days lie ahead. I intend to remain Apollo’s largest shareholder, and strongest supporter."

Black said in January he was stepping down as chief executive and handing over to Rowan after an independent review of his relationship with Epstein found he paid the dead money manager $158m over five years. The review found no evidence that Black knew about Epstein's offences but reported that he paid Epstein more than was previously disclosed for financial advice.

Rowan said: "Leon has been a terrific partner and leader for over three decades and I am honoured to take the reins.|