Apollo is due to set up shop in Paris early next year, FN has learntPhoto: Getty Images

Private equity giant Apollo Global Management will open a Paris office early next year as part of its European wealth push.

The $840bn alternative asset manager is homing in on the French private wealth market as its next big growth opportunity. The office will initially serve as a base for relationship managers in its private wealth business, rather than for staff in other divisions, a person familiar with the move toldFinancial News.