(Reuters) – Apollo Global Management, (NYSE:) Inc stated it would purchase the U.S. wealth management and asset-management companies of Griffin Capital. This acquisition is part of its strategy to expand its offering for wealthy clients.

This deal will bring together Griffin’s alternatives investment strategies in the wealth management area with Apollo’s focus on private bank, broker-dealer or family offices. The asset management giant made the announcement on Thursday.

Apollo will integrate Griffin’s group into its global wealth business and add hundreds of distribution agreements.

Griffin has over $5 billion in assets managed by his asset management company. This includes individual products that are geared towards investors.

Marc Rowan, Apollo Chief Executive Officer said that Griffin’s acquisition will help to significantly improve our U.S. wealth-market growth plans.

Apollo has made the largest global wealth investment and this deal follows significant hires. This buyout company has also worked to expand its offering of solutions for individual investors.

It is anticipated that the acquisition will close in the first half 2022.