Apollo Global Management and OppenheimerFunds formed a strategic partnership that will see Apollo Credit Management serve as a sub-sub-adviser to the $6.1-billion Oppenheimer Global Strategic Income Fund. In return, Apollo will be able to invest in insurance-linked securities. The arrangement is designed to give Oppenheimer investors increased access to Apollo's credit expertise, while also expanding Apollo's presence in the retail investor market. The arrangement is the latest in a series of partnerships involving private equity firms seeking to expand their client base. Last year, Columbia Management teamed up with Blackstone Group to increase retail investors' access to hedge funds, while this year Apollo announced a deal with Ivy Investment Management to offer two new mutual funds.
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