Apollo Global Management: no fear of the market’s fire
Capital markets around the world are on fire. And Apollo Global Management could not be happier. During its earnings call on Wednesday, the US investment manager revealed it had bought a third of the collateralised loan obligations that UK pensions had to dump during the liability-driven investment mess of early October.
Top investment performance often begins with a low entry price. Apollo’s biggest wins in its 40-year history have come in the midst of market unrest.
Last month it bought more than a billion dollars worth of the highest tranches of the CLOs, generating a staggering yield of 8 per cent. Rapidly rising interest rates have caught investors off guard creating opportunities for nimble investors such as Apollo.
This story originally appeared on: Financial Times - Author:Tax Cognition
