Apollo to review billionaire founder's relationship with Epstein

New York-based Apollo Management, one of the world's largest investment groups, has asked a US law firm to review the relationship between its billionaire founder Leon Black and convicted sex offender Jeffrey Epstein.

The decision follows a report in The New York Times which last week accused the powerful businessman of wiring at least $50m to the late Mr Epstein after he had been convicted in 2008 for soliciting prostitution from a teenage girl.

Mr Black said that "in light of continued attention" into his ties with Mr Epstein it was in the best interests of the company, employees and shareholders for there to be an independent review.

As a result the board has hired US firm Dechert to "conduct a thorough review of, and independently confirm" the information he had given about his previous professional relationship with Mr Epstein, a spokesman said.

Mr Black's personal spokesman told The New York Times last week that Mr Black did receive "personal trusts and estate planning advice" from several advisers including Mr Epstein between 2012 and 2017 which was "vetted by leading auditors and law firms".

She said he was "appalled by the conduct that led to the criminal charges against Mr Epstein" and regrets having any involvement with him, adding that the relationship ended in 2018 due to a "fee dispute".

Apollo's review into the relationship comes as UK regulators investigate Barclays' chief executive Jes Staley’s description of his relationship with Mr Epstein. Mr Epstein, who was found dead in a prison cell last August, had been an important client when Mr Staley worked at JP Morgan.

Earlier this year, Mr Staley said his contact with Mr Epstein “tapered off” when he left the Wall Street bank in 2013 and gradually became less frequent, ending before he became chief executive of Barclays in 2015. He is reported to have taken a yacht to visit the private Caribbean island of the convicted billionaire paedophile early that year. This year he said he "deeply regrets" his relationship with the disgraced financier.

Mr Black has not been accused of any wrongdoing or misconduct and Apollo has never done any business with Mr Epstein at any point in time.