President-elect Donald Trump is seriously considering Marc Rowan, the CEO of private equity giant Apollo Global Management, as his new Treasury Secretary, according to a New York Times report. Based on sources the Times says are “close” to Trump, Rowan has become a likely frontrunner as Trump grows frustrated with other candidates.
At a time when regulators have pushed to rein in risky behavior by the private equity industry, the appointment of one of their own would almost certainly be a huge boon to the industry. At stake are private markets that accounting firm EY earlier this year estimated to be worth $24.4 trillion—much of it driven by industry giants Apollo, Blackstone and KKR.
