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2025 MIC: Apollo’s Marc Rowan – Market Structure Has Changed & the 40-Year Playbook Is Over

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Michelle deBoer-Jones
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2025 Morningstar Investment Conference Marc Rowan
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One of the big concerns for the asset management industry has been how difficult it has become to beat the indexes. However, Apollo Global’s Marc Rowan thinks he knows why that is.

At the 2025 Morningstar Investment Conference, Rowan joined Morningstar CEO Kunal Kapoor to talk about their dual business model and the shift from the public to the private markets.

Also our coverage of the 2025 Ben Graham Conference2025 Global Alts New York and the Best Alternative Investment Fund Conferences for 2025.

Public versus private markets

Apollo’s larger business is retirement services. In fact, it’s the largest provider of retirement services in the U.S., through its roughly $350 billion retirement insurance company, or $400...

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Michelle deBoer-Jones is editor-in-chief of Hedge Fund Alpha. She also writes comparative analyses of stocks for TipRanks and runs Providence Writing Services. Previously, she was a television news producer for eight years, producing the morning news programs for NBC affiliates in Evansville, Indiana and Huntsville, Alabama and spending a short time at the CBS affiliate in Huntsville.