HOUSE_OVERSIGHT_025551.jpg
1.16 MB
Extraction Summary
0
People
7
Organizations
1
Locations
0
Events
1
Relationships
3
Quotes
Document Information
Type:
Financial research report / market insight
File Size:
1.16 MB
Summary
A Morgan Stanley research report dated January 30, 2018, analyzing the potential value of Alternative Asset Managers (Alts) converting to C-Corporations. The report specifically highlights Apollo Global Management (APO) as having the highest potential upside from such a conversion, while comparing it to peers like ARES, Blackstone (BX), Carlyle (CG), and KKR. The document bears a House Oversight Bates stamp, indicating it was collected as part of a congressional investigation, likely related to scrutiny of Apollo Global Management's leadership.
Organizations (7)
| Name | Type | Context |
|---|---|---|
| Morgan Stanley |
Producer of the research report
|
|
| APO (Apollo Global Management) |
Identified as the firm that could unlock the most value by converting to a C-corp
|
|
| ARES (Ares Management) |
Identified as a firm that could be the first to convert
|
|
| BX (The Blackstone Group) |
Compared against APO/ARES regarding management fee-related earnings
|
|
| CG (The Carlyle Group) |
Compared against APO/ARES regarding management fee-related earnings
|
|
| KKR (Kohlberg Kravis Roberts) |
Compared against APO/ARES regarding management fee-related earnings
|
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| House Oversight Committee |
Implied by the Bates stamp 'HOUSE_OVERSIGHT'
|
Locations (1)
| Location | Context |
|---|---|
|
Region of insight mentioned in header
|
Relationships (1)
Document bears 'HOUSE_OVERSIGHT_025551' Bates stamp.
Key Quotes (3)
"We think APO could unlock the most value by converting to a C-corp with 26% in our upside case vs. -14% in our downside case."Source
HOUSE_OVERSIGHT_025551.jpg
Quote #1
"ARES could be the first to convert, but this is largely priced in."Source
HOUSE_OVERSIGHT_025551.jpg
Quote #2
"These firms have more sticky management fee-related earnings vs. BX/CG/KKR that may see less benefit."Source
HOUSE_OVERSIGHT_025551.jpg
Quote #3
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