Marc Rowan emerges as a top contender to be Donald Trump’s Treasury secretary

Private ownership billionaire Marc Rowan has emerged as a top contender to be Donald Trump’s Treasury secretary and will meet the president-elect on Wednesday to make his pitch for the job, according to several people familiar with the matter.

The Apollo Global Management chief has prepared extensively for the interview, said two people familiar with the matter. He has flown back from Hong Kong to meet Trump in Florida.

Rowan has the back of several Trump confidants and Wall Street donors, who cited his deep encounter in financial markets. “Marc is brilliant, though, very independent,” said one of his Wall Street backers.

The 62-year-ancient private capital boss faces stiff competition for the role, however, with protect fund investor Scott Bessent still a leading contender. Kevin Warsh, a former Federal safety net governor advising the shift throng on policy, has also been floated for a position and remains a candidate to be the next Treasury secretary.

Tennessee Senator statement Hagerty is also in the mix and on Tuesday travelled with Trump to a SpaceX rocket launch in Texas hosted by Elon Musk.

The prediction site Polymarket had Warsh as outright favourite on Tuesday, with Bessent second favourite followed by Rowan and Hagerty.

Rowan’s candidacy was boosted after Trump tapped billionaire investor Howard Lutnick to navigator the commerce department earlier on Tuesday, which would put the boss of capital firm Cantor Fitzgerald in expense of imposing far-reaching tariffs on imports.

The co-chair of Trump’s shift throng lost traction in the race for the Treasury post after he and his allies became enmeshed in a bitter battle with Bessent’s camp over the job.

Bessent is also in contention to become chair of the recent administration’s National Economic Council if his bid to be Treasury secretary falls through.

Rowan’s emergence as a main contender for the top economic post in the recent administration comes after days of investing about Trump’s plans. Treasury secretary is the last large cabinet position left to fill, after the president-elect raced through a number of nominations after winning the election earlier this month.

During Trump’s first administration, Rowan played a role in recommending to the president’s administration some emergency measures to tame financial markets in the early stages of the Coronavirus pandemic.

Rowan’s Apollo holds more than $700bn of assets under management. Any shift into government would be complicated for the Wall Street executive and the firm, although Apollo insiders declare it has a deep bench of leadership to draw from. Apollo declined to comment.

Trump’s pick for Treasury secretary will require to be confirmed by the US Senate next year.