The document is a memo from Deutsche Bank Securities Inc. discussing the initiation of coverage on five alternative asset managers. It provides buy ratings for Blackstone, Carlyle Group, and Oaktree Capital, and hold ratings for Apollo Global Management and KKR & Co. The memo highlights the favorable cyclical and secular dynamics for these asset managers and discusses valuation approaches, preferring to value them on distributable earnings. It also outlines positive cyclical and secular themes benefiting these managers.
doj/DataSet10/EFTA01452569.pdf
{"title":"Initiating Coverage of the Alternative Asset Managers","key_people":["Tazia Smith"],"document_type":"correspondence","key_locations":["New York, NY"],"document_subtype":"memo","key_organizations":["Deutsche Bank Securities Inc","Blackstone","Carlyle Group","Oaktree Capital","Apollo Global Management","KKR & Co"]}