Leon Black quits citing 'relentless' impact of Epstein probe

Although a probe found no evidence of wrongdoing, Mr Black said the affair had taken a toll on his health.

Billionaire Leon Black is quitting his investment firm saying "relentless public attention and media scrutiny" of his ties with sex offender Jeffrey Epstein took "a toll" on his health.

The prominent financier had earlier announced plans to depart in July.

The moves follow an inquiry by Mr Black's firm, Apollo Global Management, into his relationship with Mr Epstein.

It found financial ties but no evidence of involvement with any criminal activity.

Mr Epstein was arrested in 2019 for sex trafficking underage girls and later killed himself in prison.

He was known for cultivating ties to the rich and powerful, including Prince Andrew, that persisted even after he pleaded guilty in 2008 to soliciting underage girls.

Mr Black, whose fortune is estimated by Forbes at $8.4bn (£6bn), paid him more than $150m for financial advice from 2012 through 2017, according to the investigation by law firm Dechert, which was made public in January.

'Deeply trying'

Apollo, at Mr Black's request, commissioned the probe last autumn after a New York Times report into his links.

"The last weeks and months have been deeply trying for me and my family," 69-year-old Mr Black wrote in a letter to the Apollo board explaining his plans to speed up his departure.

"The relentless public attention and media scrutiny concerning my relationship with Jeffrey Epstein - even though the exhaustive Dechert Report concluded there was no evidence of wrongdoing on my part - have taken a toll on my health and have caused me to wish to take some time away from the public spotlight that comes with my daily involvement with this great public company."

Apollo co-founder Marc Rowan, who the firm said in January would take over from Mr Black in July, will assume his new role immediately.

Mr Black said he also no longer planned to remain as executive chairman of the company's board. He will be replaced by former SEC Commissioner Jay Clayton.

Founded by Mr Black in 1990, Apollo manages more than $450bn and has offices around the world. It is known for its private equity investments in companies, which range from casinos and for-profit colleges to offshore wind.

In January, it announced plans to merge with life insurer Athene in a deal valued at roughly $11bn.

Mr Black said he planned to spend more time with his family and would pursue his other interests, including the arts.

He is board chairman of the Museum of Modern Art in New York, a role he has also faced pressure to relinquish.