Morgan Stanley | researcs NORTH AMERICA INSIGHT 2
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Morgan Stanley | researcs NORTH AMERICA INSIGHT 2
January 30, 2018 05:01 AM GMT
Alternative Asset Managers
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.
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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
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HOUSE_OVERSIGHT_025551
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