Hours after last week’s announcement that Apollo Global Management was investigating the relationship between its founder and chairman Leon Black and the late paedophile Jeffrey Epstein, rank-and-file employees received an email that seemed to mark a passage of power at the formidable Wall Street firm.

High-profile investors had already begun distancing themselves from the $US414 billion ($587.7 billion) asset manager, which some feared could be tarnished by its founder’s financial ties to Epstein. “We know [the media attention] has raised concerns,” Apollo’s message to employees began, adding that the group’s leadership was “focused on the best interests of all our stakeholders, including you”.

Financial Times