Apollo Global is building up cash, cutting leverage and selling out of riskier corners of debt markets as top executives gird the firm for what they expect to be market turbulence.
The $908bn-in-assets company’s chief executive, Marc Rowan, believes the defensive posture will prepare Apollo for more challenging credit and equity markets and put it in a better position to invest heavily during any turmoil.
Rowan privately told investors this month that his “number one job” was to “have the best balance sheet possible”, to position Apollo to perform well and make money “when something bad happens”.
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