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Fly News Breaks for August 26, 2015
BEN, BLK, TROW, WDR, WETF, JNS, IVZ, LM, KKR, BX, APO
Aug 26, 2015 | 07:39 EDT
Piper Jaffray analyst Jason Weyeneth lowered the firm's estimates and price targets for asset managers to be about 10% below consensus for 2016, citing the recent selloff in global equity markets, noting that the largest cuts were made to firms with greater equity market exposure, such as WisdomTree (WETF), Waddell & Reed (WDR) and T. Rowe Price (TROW), or those with larger mark-to-market portfolios, like BlackRock (BLK), Franklin Resources (BEN) and Legg Mason (LM). Weyeneth has Overweight ratings on several names in the class, however, and tells investors that he sees the best risk/reward among alternative managers Apollo Global (APO), Blackstone (BX) and KKR (KKR), on which his estimate revisions beyond Q3 were "very modest."
News For APO;BX;KKR;LM;IVZ;JNS;WETF;WDR;TROW;BLK;BEN From the Last 2 Days
BX
Mar 27, 2024 | 06:37 EDT
Blackstone (BX) announced a new collaboration with Moderna (MRNA) through a development and commercialization funding agreement where funds managed by Blackstone Life Sciences will provide up to $750M to fund Moderna's influenza program. This new collaboration continues Blackstone Life Sciences' work and support for many of the world's leading and most innovative biopharmaceutical and medical technology companies. Blackstone seeks to provide customized financing solutions for companies across therapeutic areas to support mission critical scientific innovation and advance important products to patients.
APO
Mar 27, 2024 | 06:17 EDT
In the 2020 trial, Mohammed Ali Rashid, a former senior partner at Apollo Global, was accused of violating his duty to investors, Sujeet Indap of The Financial Times. At the time, Judge Kevin Castel concluded Apollo had been mistakenly and systematically charging expenses to the underlying funds, reducing their net returns and increasing Apollo's cut of overall profits. Castle ruled Apollo's accounting department deserved "significant blame," but still ruled Rashid violated U.S. securities law. Now, in 2024, Apollo's practices are back under the microscope, with an appeals court recently reversing Castel's decision, agreeing with Rashid that the private equity firm's expense system was broken enough at the time that Rashid could not have anticipated the victims of his illicit spending spree were Apollo's partners. Reference Link