Former SEC Chief Clayton Named Apollo Chairman

"In the last few months, not only did we announce a transformative merger with Athene, but also expect to report that our first quarter earnings will exceed analyst consensus in all relevant measures and that the first quarter fundraising is trending towards the high end of our $15-20b annual range," Black said.

Black said he viewed 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."

Apollo — which had $455 billion in assets under management as of Dec. 31 in credit, private equity and real assets funds — said in early March that it was moving to gain full control over Athene Holding Ltd., a large life insurer.

The companies announced that they have agreed to merge by swapping stock, through a transaction that implies a $11 billion total value for Athene. The combined company would have a market capitalization, or total stock value, of $29 billion. The companies hope to complete the deal in January 2022.

Clayton added in the statement that "It is an honor to serve Apollo's investors as Chairman and further the founders' commitment to leading, shareholder-oriented governance."