Key Takeaways
- • Apollo Global Management CEO Marc Rowan told Pensions & Investments that the world faces "a retirement income crisis," citing a growing retirement gap across regions.
- • Rowan argued that a small change in the rate of return available to investors over their retirement period could produce outcomes that are "50% to 100% better," according to publisher summaries of his remarks.
- • Rowan contends that defined contribution plans were never intended to be anyone's primary retirement benefit, positioning guaranteed income and private assets as part of the solution.
- • Rowan's commentary, reported by Lydia Tomkiw on August 5, 2025, is part of Apollo's broader push, through its Athene retirement business, to address retirement income needs with private-market capital.
Summary
Apollo Global Management chairman and CEO Marc Rowan said the world faces "a retirement income crisis," according to a Pensions & Investments report by Lydia Tomkiw published August 5, 2025. Rowan stated that the world faces this challenge across regions, framing the issue as a shortfall in retirement income rather than solely a question of asset accumulation.
Rowan's central argument, as summarized in publisher materials, is that modest improvements in investment returns during the retirement period can have an outsized effect on outcomes. He described the potential difference as "slightly better outcomes" in one framing and "50% to 100% better outcomes" in another, depending on the magnitude of the return change over an investor's retirement horizon.
Rowan also maintained that defined contribution plans were never designed to serve as anyone's primary retirement benefit, a position that underpins his advocacy for guaranteed income products and greater access to private assets in retirement accounts. Publisher materials associated with Apollo describe Rowan discussing the use of private assets in retirement accounts and the potential benefits of including them, with commentary suggesting retirement plans are "on the cusp" of incorporating private assets.
The remarks tie into Apollo's Athene retirement services business, which Rowan and Athene president Mike Downing have discussed in the context of a growing retirement gap and rising global demand for capital. Rowan has also argued that regulatory reforms since 2008 have focused on banks and have not kept pace with changes in the broader financial system.
The primary source article provides limited detail beyond the headline quotations, so the specific data behind Rowan's outcome estimates and the policy proposals he supports are not fully documented in the available material.
Rowan's central argument, as summarized in publisher materials, is that modest improvements in investment returns during the retirement period can have an outsized effect on outcomes. He described the potential difference as "slightly better outcomes" in one framing and "50% to 100% better outcomes" in another, depending on the magnitude of the return change over an investor's retirement horizon.
Rowan also maintained that defined contribution plans were never designed to serve as anyone's primary retirement benefit, a position that underpins his advocacy for guaranteed income products and greater access to private assets in retirement accounts. Publisher materials associated with Apollo describe Rowan discussing the use of private assets in retirement accounts and the potential benefits of including them, with commentary suggesting retirement plans are "on the cusp" of incorporating private assets.
The remarks tie into Apollo's Athene retirement services business, which Rowan and Athene president Mike Downing have discussed in the context of a growing retirement gap and rising global demand for capital. Rowan has also argued that regulatory reforms since 2008 have focused on banks and have not kept pace with changes in the broader financial system.
The primary source article provides limited detail beyond the headline quotations, so the specific data behind Rowan's outcome estimates and the policy proposals he supports are not fully documented in the available material.
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