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What Is The Connection Between Leon Black And Jeffrey Epstein?

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Jeffrey Epstein, the high school math teacher turned mysterious money manager turned convicted sex criminal, has been appointed to the board of a charity run by Apollo founder Leon Black, Cityfile is reporting. It's unclear what the relationship between Black and Epstein might be, although Cityfile speculates that Epstein might be managing Black's money.
City file also turns in this bit of titillating news:

Black's foundation's funds were kept in accounts at Bear Stearns and Epstein was a major Bear client, and was reported to have lost close to $60 million when Bear's hedge funds went south.

Exposed: The Leon Black-Jeffrey Epstein Connection!