Apollo fund's 17% withdrawal requests one step back for alt asset managers, TD Cowen says

Apollo Global Management

Tue 13:45

Updates
** Apollo Global APO.N underperforms peers on Tuesday after Q2 tender offer results from its $26 bln Apollo Debt Solutions fund - TD Cowen's Bill Katz

    ** APO stock down 1.7% premarket
  
** Withdrawal requests worsened to 16.8% from 11.2% in Q1; sequential rise likely viewed as mixed/negative for APO and peers - brokerage
** Reinforces view that alt asset manager stocks likely range-bound through Labor Day as further redemption windows unfold - TD Cowen
** "Redemption rates are proving uneven for 2Q, even as reporting windows further season, & media intensity seems to be diminishing," Katz says

    ** "Inbounds last night and this morning have been largely negative, especially in light of APO being the best performing alt on a 1M and 3M basis. The Q/Q step up in redemptions comes even as media intensity on the topic seems to be subsiding somewhat," Truist Securities managing director Brian Finneran says
  
     

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))