Apollo hires Morgan Stanley vet

Apollo Management LP is launching a commodities business to be headed by former Morgan Stanley fixed-income executive Neal Shear. The commodities-trading business will work in tandem with Apollo's private-equity and capital markets units. Mr. Shear served as head of New York-based Morgan Stanley’s global-fixed-income division and commodities-trading business. An Apollo spokesman would not detail his responsibilities. Apollo of Purchase, N.Y. had $40.3 billion in assets under management as of Dec. 31.