Citi analyst William Katz upgraded both Franklin Resources (BEN) and Artisan Partners (APAM) to Neutral from Sell. The analyst raised his price target to $35 from $28 for the former and to $25 from $20 for the latter. Ahead of the Q1 earnings season, however, the analyst favors the Alternatives. His top picks are Och-Ziff Capital (OZM), Brookfield (BAM) and Blackstone (BX). Katz, though, is "tactically less negative" on the Traditional asset managers.

The company said, "The Board of Hipgnosis (HPGSF) notes the announcement by Blackstone Europe (BX), acting as sub- advisor to the Blackstone Funds and confirms that it yesterday received an improved proposal to acquire the entire issued and to be issued share capital of Hipgnosis on the terms set out in the Blackstone announcement. The Board, having reviewed the Proposal with its financial adviser, Singer Capital Markets, has indicated to Blackstone that the Proposal is at a value that it would be minded to recommend to its shareholders should Blackstone announce a firm intention to make an offer pursuant to Rule 2.7 of the Code on such financial terms." The statement comes following a Saturday announcement by Hipgnosis, which said, "Blackstone Europe LLP, acting as sub-advisor to the Blackstone Funds notes the recent speculation regarding Hipgnosis. Blackstone confirms that it has made a series of proposals regarding a possible offer for the entire issued and to be issued share capital of Hipgnosis. Blackstone furthermore notes Concord Chorus Limited's firm offer on 18 April 2024 to acquire the entire issued and to be issued share capital of Hipgnosis. Blackstone has made an improved fourth proposal to acquire the entire issued and to be issued share capital of Hipgnosis at a price of $1.24 per share in cash. Should Blackstone announce a firm intention to make an offer for Hipgnosis pursuant to Rule 2.7 of the Code under the terms of the Fourth Proposal, it is intended that such a Firm Offer would be effected by means of a takeover offer as defined in Chapter 3 of Part 28 of the Companies Act 2006. However, Blackstone would reserve the right, pursuant to its rights under the Code to implement any such Firm Offer by way of a scheme of arrangement under Part 26 of the Companies Act 2006 should a Firm Offer be announced." Reference Link