Apollo Management LP is launching a commodities business to be headed by former Morgan Stanley fixed-income executive Neal Shear.
The commodities-trading business will work in tandem with Apollo's private-equity and capital markets units.
Mr. Shear served as head of New York-based Morgan Stanley’s global-fixed-income division and commodities-trading business.
An Apollo spokesman would not detail his responsibilities.
Apollo of Purchase, N.Y. had $40.3 billion in assets under management as of Dec. 31.
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