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Generally, this comes in the form of mortgages that have been pooled together into bond-like securities called collateralized mortgage obligations (CMOs), or something similar. In this way, it is something like a mutualfund or assetmanager.
Blackstone (NYSE: BX) recently reached a huge milestone when it surpassed over $1 trillion in assets under management ( AUM ) in the second quarter. It became the first global alternative assetmanager to hit that level and will add another notch to its belt when it joins the S&P 500 index later this month.
PGIM, our global assetmanagement business, is well positioned to address the increasing demand for retirement solutions around the world while capitalizing on growing institutional demand for private credit and alternative investments. and international businesses in retirement, assetmanagement, and insurance.
RITHOLTZ: The whole pre-financial crisis decade or two, hedge funds crushed-crushed it. SEIDES: I know back then, the premier job in assetmanagement was to run Fidelity Magellan. There was no reason to think people would make billions of dollars running hedge funds. Or at least the top, pick a number, 30, 40%.
Brian Higgins has put together a amazing track record handling distressed and stressed debts, as well as other forms of credit real estate collateralized obligations. The buyers didn’t have the ability to go cross assets and cross, let’s say, ratings as, as they are today. King Street is a fascinating firm.
Not only did he stand up a research shop from a dorm room in college and started selling model portfolios to fundmanagers, but eventually created a suite of first mutualfunds. But as it turns out, the reason that assetmanager was able to raise so much money was because they had taken signals. Can’t.
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