business
Apollo CEO Rowan warns of market correction, slams ‘egregious’ practices at rival insurers
Key takeaways
- Livestream Menu Make Itselect USAINTLLivestream Search quotes, news & videos Livestream Watchlist SIGN INCreate free account Markets Business Investing Tech Politics Video Watchlist Investing Club PROLivestream Menu
- "Everything we see in front of us is actually quite strong," Rowan said.
- Rowan put the odds of an exogenous shock at somewhere between 30% and 35%, far higher than the usual level of risk, he said.
Livestream Menu Make Itselect USAINTLLivestream Search quotes, news & videos Livestream Watchlist SIGN INCreate free account Markets Business Investing Tech Politics Video Watchlist Investing Club PROLivestream Menu
Apollo Global Management CEO Marc Rowan on Wednesday warned investors that he was preparing his giant asset management firm for a potential market downturn and sharply criticized what he called the "egregious" practices of some rival insurers.
The current solid economic backdrop — which helped Apollo report a banner quarter, in which the firm reached $1 trillion in assets under management and record fee-related earnings — is masking a growing risk of what he called "out of the box" shocks.
Article preview — originally published by CNBC. Full story at the source.
Read full story on CNBC →
More top stories
Aggregated and edited by the Scoop newsroom. We surface news from CNBC alongside other reporting so you can compare coverage in one place.
Editorial policy · Corrections · About Scoop