Marc Rowan: evaluation

Transcript context

…You said recently on Bloomberg that higher interest rates don’t hurt the profitability of Apollo. How do you think about that in terms of your portfolio or what you do? How do you manage to be in that position? I think globally about the shape of our business. We are today a $650 billion asset manager. Roughly $500 billion of that is credit, and $150 billion of that are various forms of equity. Quite frankly, it’s just math. We do better on the $500 billion when rates are higher, up to the point that you have economic distress. Most of our equity — they are pretty savvy about how they borrow and how they lock in interest rates and using fixed-rate and other hedging instruments, so generally, we have upside to the level of interest rates. But how is it you manage to do maturity matching so much better than, say, alternative institutions?…

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