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1.16 MB
Extraction Summary
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People
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Organizations
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Locations
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Events
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Relationships
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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
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| APO (Apollo Global Management) |
Identified as the firm that could unlock the most value by converting to a C-corp
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| ARES (Ares Management) |
Identified as a firm that could be the first to convert
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| BX (The Blackstone Group) |
Compared against APO/ARES regarding management fee-related earnings
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| CG (The Carlyle Group) |
Compared against APO/ARES regarding management fee-related earnings
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| 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'
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Locations (1)
| Location | Context |
|---|---|
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Region of insight mentioned in header
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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
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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
Full Extracted Text
Complete text extracted from the document (954 characters)
Morgan Stanley | RESEARCH
NORTH AMERICA INSIGHT
January 30, 2018 05:01 AM GMT
NORTH AMERICA INSIGHT
January 30, 2018 05:01 AM GMT
Alternative Asset Managers
Can Alts Unlock Value with C-Corp Conversions?
Can Alts Unlock Value with C-Corp Conversions?
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. ARES could be the first to convert, but this is largely priced in. These firms have more sticky management fee-related earnings vs. BX/CG/KKR that may see less benefit.
Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.
For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report.
For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report.
HOUSE_OVERSIGHT_025551
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