Leveraged-buyout firms led by billionaire Leon Black’s Apollo Global Management LLC, seeing fewer bargains in acquiring companies, are loading up on high- risk debt being abandoned by the world’s biggest banks.
Investors had declared the stock of AllianceBernstein Holding LP a loser. From Jan. 1, 2010, to Aug. 23, 2012, it had declined 43 percent compared with a 33 percent gain for the Standard & Poor’s 500 Index. Nevertheless, on that day, Credit Suisse Group AG analyst Craig Siegenthaler lifted his rating on the New York-based money manager’s shares to a buy.
Morgan Stanley reported earnings that beat analysts’ estimates as equity-trading revenue jumped the most among the biggest Wall Street firms and profitability at the brokerage unit, the world’s biggest, increased.
Apollo Global Management LLC is the top-performing stock among publicly traded alternative-asset managers as Chief Executive Officer Leon Black demonstrates that reaping gains from buyout holdings while raising new investment funds is the key to pleasing stockholders.
Nasdaq OMX Group Inc. may bid for TMX Group Inc. to block London Stock Exchange Group Plc’s agreement to buy the Toronto bourse, or pursue a deal with CBOE Holdings Inc., according to Credit Suisse Group AG.
U.S. regulators may miss the deadline for some new regulations in the $583 trillion private derivatives market because of the number and complexity of the required rules, according to Credit Suisse Group AG .
Morgan Stanley, which last year missed an internal trading-revenue target by more than 40 percent, is under pressure to show improvement after a two-year effort to turn around the firm’s fixed-income trading business.