KKR & Co. Inc. (KKR) Management Presents at Barclays Global Financial Services Conference (Transcript)

KKR & Co. Inc. (NYSE:KKR) Barclays Global Financial Services Conference September 14, 2020 12:00 PM ET

Company Participants

Rob Lewin - Chief Financial Officer

Conference Call Participants

Jeremy Campbell - Barclays

Jeremy Campbell

All right. Good afternoon, everybody. I'm Jeremy Campbell, and I cover the Exchanges, Brokers and Asset Managers sector here at Barclays. Kicking off our slate of alternative asset managers that we cover is Rob Lewin, KKR's CFO. Rob, very happy to have you here at our now virtual Global Financial Services Conference. I don't -- I wish we could be doing this in person but happy to have you here nonetheless.

Rob Lewin

Yes. Thanks a lot for including KKR and me in your conference and look forward to the discussion.

Question-and-Answer Session

Q - Jeremy Campbell

Great. So, I just -- why don't we start off with the topic that's on a lot of people's minds here is the Global Atlantic. You guys announced your planned acquisition earlier this year. Guidance around the deal seems pretty positive to the tune of about $200 million in incremental fee-related revenue at a pretty high incremental margin. So, I guess, first, just at a high level, why did it make sense for KKR to enter the insurance business today? And I guess, what drew you guys to Global Atlantic in particular?

Rob Lewin

Yes, great. Well, it's a good first question to get started with. Like any acquisition we're going to do, I think we're going to be focused on three things, and that's going to be the industry that we're investing into, the business model, and the management team that we're backing, and then how we can mutually make each other better than we can do on our own and so let's take each one of those in order.