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Buy the dip in alternative asset managers says Citi

Sep. 16, 2014 12:37 PM ETBlackstone Inc. (BX) StockBX, SCMT, KKR, APO, CGBy: Stephen Alpher, SA News Editor3 Comments
  • Alternative asset managers aren't "one trick ponies," says Citigroup's William Katz, arguing the industry is far more diverse now than in the past and deal dynamics are way more sophisticated. He notes the companies have put less capital to work compared to past cycles and this should help "protect" IRRs.
  • The overall group, he says, "screen quite inexpensively,"  and Blackstone (BX +0.6%), KKR (KKR), and Och-Ziff (OZM) remain his favorite names. The recent declines in Apollo Global (APO -1.1%) and Carlyle Group (CG +0.8%) make those two players enticing as well.
  • The role call YTD isn't a pretty one, with only Blackstone in the green (barely), KKR down 7%, and the others lower by double digits.

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