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<ul class="summary-list"><li>Apollo Global Management has been investing big in non-bank loans.</li><li>Helping fund that growth has been growing demand for retirement products, said CEO Marc Rowan.</li></ul>There's been a lot of attention on Apollo Global Management's <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/apollo-ceo-marc-rowan-defends-private-credit-from-jamie-dimon-2024-5">burgeoning lending business</a>, which the firm projects will double in size to <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/apollo-global-management-investor-day-presentation-one-trillion-private-lending-2024-10">$1.2 trillion in five years</a>.Helping to fund those loans is Apollo's retirement business, which <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/apollo-ceo-marc-rowan-management-tactics-430-am-wakeup-call-2024-10">Apollo CEO and cofounder Marc Rowan</a> sees as the investment firm's "single biggest opportunity" for future growth.In a conference call to discuss third-quarter earnings, Rowan said Apollo's insurance affiliate Athene had become an industry leader in annuities, or insurance products used in retirement, to generate regular income. Athene saw $20 billion in inflows during the third quarter and $77 billion over the last year, which helped drive a 16% year-over-year growth in assets under management to $733 billion.<div type="image" title="Apollo chart showing capital inflows." height="884" width="1597" msid="114993225" hostid="261" sizebytes="75180"></div>Rowan said he sees continued growth in that sector, aided by the company's efforts to provide new and improved retirement products, including tools to guarantee income for life."The notion of simplification and getting to guaranteed lifetime income, I believe, to be the North Star for where we would like to go," Rowan said on the call. "But this notion of rethinking the product set, I believe to be the single biggest opportunity in front of us, and that is what is baked into our five-year plan over the next few years."The opportunity stands to become even bigger, Rowan said, if regulators open up 401(k)s and other tax-deferred retirement accounts to investments led by alternative asset managers like Apollo."Should we get access to 401(k) through broad-based reform or regulatory change or regulatory encouragement, I believe that would be upside not just for us, but for the entire industry," he said.Rowan has been a major proponent of Australia's retirement model, which was opened up to private assets around forty years ago in a <a target="_blank" href="https://www.businessinsider.com/how-make-us-retirement-system-better-australia-superannuation-benefits-2024-4">process called superannuation</a>. Rowan said that plans with private assets, which can access the compounding effects of private equity, have 40% to 60% better outcomes than those just with public assets."I do envision a day when we will be talking about 60-40 portfolios that are comprised of public and private," Rowan said.This would be a huge shift from the current regime, where much of American retirement savings are in the public stocks or bonds. But to Rowan, a retirement system where between $12 trillion to $13 trillion of American's wealth is in 401(k)s that are largely invested in the <a target="_blank" href="https://www.businessinsider.com/stock-market-whiplash-shows-dont-worry-too-much-about-401k-2024-8">S&amp;P 500 </a>makes little sense."I jokingly say sometimes, we levered the entire retirement of America to <a target="_blank" href="https://www.businessinsider.com/nvidia-stock-price-blackwell-ai-market-value-costco-jensen-huang-2024-10">Nvidia's performance</a>," Rowan said last month. "It just doesn't seem smart."The Trump Administration opened some 401(k) investing to private equity <a target="_blank" href="https://www.bloomberg.com/news/articles/2020-06-03/private-equity-firms-get-trump-administration-s-nod-to-tap-401ks">in 2020</a>, suggesting that a Trump victory could help fuel the alternative industry's expansion efforts. Rowan hasn't endorsed a US presidential candidate.

Your nest egg is private-equity giant Apollo's 'single biggest opportunity' for growth

<ul class="summary-list"><li>Apollo plans to double its assets under management in five years even as market conditions change.</li><li>Rowan said the firm is testing new tactics to motivate employees to "play to win."</li></ul>At Apollo's presentation to investors on Tuesday, all eyes were on the <a target="_blank" class="" href="https://www.businessinsider.com/apollo-global-management-investor-day-presentation-one-trillion-private-lending-2024-10">firm's ambitious goal</a> of doubling its assets under management and further cementing its place as the world's largest private lender. (Well, <a target="_blank" class="" href="https://www.ft.com/content/7143f74a-90c3-496e-9338-acb893060f42">some eyes</a> were on the firm's use of memes to diss its rivals). But buried in the discussion of origination, opening 401ks to private investments, and hybrid equity-replacement products were some unusual management tactics that <a target="_blank" class="" href="https://www.businessinsider.com/marc-rowan-profile-ceo-apollo-global-management-leon-black-2021-8rrowan-teaser">CEO Marc Rowan</a> said the firm is using to motivate its employees."We have woken the team up at 4:30 a.m. in the morning for meetings to prove to them that we need to do a wake-up call and something different," Rowan said. "We've had outside speakers come in to scare the bejesus out of people. We've had cautionary tales." We, and presumably you, have a lot of questions. How do you wake people up at 4:30 a.m. without running into a wall of do-not-disturb messages? Which outside speakers did Apollo tap to scare the pants off its people? Are we talking Lehman Brothers scary?We contacted Apollo for more specifics, but the firm declined to comment. While the how is a mystery, Rowan was very clear about the why. The Apollo cofounder and CEO believes making money won't be as easy as it once was. "We believe that assets are what is going to be scarce rather than capital," Rowan said, referring to an environment of more limited investment opportunities. (Business Insider covered this topic in a story explaining why <a target="_blank" class="" href="https://www.businessinsider.com/portfolio-operations-jobs-rising-stars-of-private-equity-2024-8">portfolio-company execs</a> are the new rising stars of private equity.)"Change is coming," Rowan said. "If we think we're going to succeed by doing more of the same, I think that's a fallacy, and we have to adapt, and we have to change." Free froyosBefore delving into Rowan's view of what Apollo needs to do to adjust to the new climate, we should note that the firm is using more than scare tactics to drive what Rowan described as a "play-to-win" work culture. On Tuesday, Rowan told investors that the firm has also put its own twist on the time-honored management tradition of a celebratory pizza party, replacing the pie with frozen yogurt."The single best decision I've made in the past 12 months was to personally buy a frozen yogurt machine," Rowan said. "We open the frozen yogurt machine when we have a team win. It turns out people prefer frozen yogurt to money."Rowan, is of course, joking that people prefer froyo to money (and said as much). Apollo's professionals are particularly well-paid even in the private equity industry. The point is that culture is a very serious business at Apollo. And Rowan spends half his time managing the firm's 200 leaders."How do we get the organization to play to win and not just to play not to lose probably consumes most of our management time," Rowan said.<h2 id="f46bf929-7d84-49b3-a675-d9ec0b56f508">New tailwinds</h2>Today, Apollo manages close to $700 billion in assets, including a <a target="_blank" class="" href="https://www.businessinsider.com/apollo-ceo-marc-rowan-defends-private-credit-from-jamie-dimon-2024-5">massive business underwriting loans</a>. But on Tuesday, Rowan credited the firm's success since going public in 2008 to being "lucky" and just "smart" enough to be in the right place at the right time. This allowed it to reap the benefits of post-crisis low interest rates and its early investments in life insurance and retirement.Now, with interest rates high, the tailwinds are gone for Apollo and the industry as a whole, he said.Rowan said the key is to position the firm in front of the right tailwinds, just like it did to get where it is today. He identified four favorable market trends.The first is the need for massive infrastructure investment into renewable energy, utilities and power more broadly, and data centers. These are long and complicated projects that require creativity, Rowan said."These long-term solutions across a variety of cost of capital are not really appropriate for bank balance sheets who fund themselves short," Rowan said. "They're not really appropriate for the plain vanilla of the investment grade marketplace. We, and institutional investors, are the long-dated capital necessary to do this."The second is the opportunity in retirement. There is between $12 to $13 trillion in 401ks, but as of now, that capital is "mostly" invested into the S&amp;P 500, which is largely weighted towards a few big companies."I jokingly say sometimes, 'We levered the entire retirement of America to Nvidia's performance,'" Rowan said. "It just doesn't seem smart."Rowan said he believes a change in presidential administration will open up private, illiquid investments to 401ks.Rowan also noted that individual investors, especially the more sophisticated "family offices" will provide a tailwind, and maybe some creative new ideas for the firm.Finally, he returned to a favorite theme, a reshaping of the private and public markets."What if it's not public is risky and private is safe?" Rowan said. "What if private is both safe and risky? And public is safe and risky? We think nothing of Nvidia going 20% to 30% in a day."Rowan said the firm's ability to use capital that's been earmarked for the "riskier" alternatives bucket to create investment-grade debt is opening access to the larger and more conservative "fixed income" bucket of cash from institutional investors.He posited a "hybrid" future, also touting the firm's $60 to $70 billion Hybrid business, where investors will own equity that is private (think private equity without the leverage)."Active management may actually be both active management of buying and selling stocks, but active management may also be the active running of companies," Rowan said.

4:30 a.m. wakeups and scary speakers: Inside Apollo's tactics for preparing its workers for an uncertain future

Apollo just set a goal to manage $1.2 trillion in private loans by 2029. These 7 slides show how it will get there.

<ul class="summary-list"><li>Apollo and Sony made a $26 billion all-cash offer to buy Paramount, WSJ reportd.</li><li>The Apollo bid is led by the 37-year-old partner behind a $760 million deal for Legendary Entertainment.</li></ul>Sony and Apollo Global Management are reportedly bidding big for Paramount.Sony and the private equity firm teamed up for an all-cash offer of $26 billion for Paramount Global, The Wall Street Journal <a target="_blank" href="https://www.wsj.com/business/deals/sony-apollo-make-26-billion-all-cash-offer-for-paramount-ade26ca4?st=sa74k9dlydimvx6&amp;reflink=article_copyURL_share">reported</a> on Thursday.The bid was officially sent on Wednesday, the Journal reported, based on anonymous sources. Sony and Apollo's offer was nonbinding, according to the JournalApollo's bid comes after Paramount announced its CEO Bob Bakish was stepping down Monday. The media giant has been negotiating with Skydance Media and its largest private equity backer <a target="_blank" href="https://www.businessinsider.com/gerry-cardinale-redbird-capital-partners-ac-milan-yankees-2022-12">RedBird Capital Partners</a>, who have been trying to win over Paramount for the better part of a year. They've been in exclusive talks for the last month and the exclusivity period ends tomorrow.Business Insider's Hayley Cuccinello recently reported that the Skydance consortium, including fellow Skydance investor KKR, <a target="_blank" href="https://www.businessinsider.com/skydance-bid-paramount-merger-redbird-shari-redstone-2024-5">submitted a revised offer</a> on Sunday. Paramount would merge with Skydance and stay public, while Apollo's offer would likely take the entertainment giant private. Skydance's newest bid includes a $3 billion cash injection, most of which would go toward paying off shareholders, two sources close to the negotiation told Business Insider.There are questions as to whether Paramount would stay whole under Apollo and Sony. Apollo previously bid $11 billion for just Paramount's movie studio, the Wall Street Journal reported in <a target="_blank" href="https://www.wsj.com/business/media/apollo-offers-11-billion-for-paramounts-hollywood-studio-24206eab">March</a>. Paramount would have been left with its lower-performing cable channels and struggling streaming service, and the bid went nowhere.Apollo partner Aaron Sobel co-signed the offer letter with Sony CEO Tony Vinciquerra, people familiar with the situation told the Journal. Sobel, 37, <a target="_blank" href="https://www.businessinsider.com/apollo-global-rising-stars-dealmakers-private-equity-leadership-2022-10">rose quickly at the firm</a> and has executed media deals at Apollo with partner Lee Solomon. They co-led the $760 million purchase of a minority stake in Legendary Entertainment, the studio behind "Dune," in 2022. Last October, they helped Concord Music Group, a royalties giant, raise $500 million in bond sales to buy the copyright holder of Beatles songs.Majority shareholder Shari Redstone hasn't commented on the rumors of a sale.

Sony and Apollo offer $26 billion for Paramount: report

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back to our Sunday edition. Are your internal meetings dragging? Dropbox CEO Drew Houston recommends <a target="_blank" href="https://www.businessinsider.com/dropbox-uses-jeff-bezos-amazon-memo-first-meeting-culture-2024-10">memo-first meetings</a> inspired by Jeff Bezos.On the agenda today:<ul><li>What an afternoon in two grocery store parking lots <a target="_blank" href="https://www.businessinsider.com/pennsylvania-grocery-store-voters-talk-economy-inflation-harris-trump-2024-10">reveals about the election</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/refurbished-iphones-market-apple-sales-slump-android-cell-phones-cheaper-2024-10">Apple should be worried</a> about Gen Z's love of secondhand iPhones.</li><li>Investment banking made a multibillion-dollar rebound, <a target="_blank" href="https://www.businessinsider.com/wall-street-q3-investment-banking-boom-could-be-upended-2024-10">but risks remain</a>.</li><li>How a 24-year-old cloud-seeding wunderkind <a target="_blank" href="https://www.businessinsider.com/rainmaker-augustus-doricko-cloud-seeding-el-segundo-2024-10">plans to save the world</a>.</li></ul>But first: A new business is in the ascendancy at Blackstone.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today-sunday-edition">sign up here</a>. Download Insider's app <a target="_blank" href="https://www.insider.com/app">here.</a><h3 id="58506b3b-b008-4ead-9e90-71439c9e98dd">This week's dispatch</h3><h2 id="445f5814-a55f-4878-a10e-9b6683bfa158">Giving credit where it's due</h2>First, Blackstone was known for its private equity prowess. Then it was real estate. Now, the investing giant has more in <a target="_blank" href="https://www.businessinsider.com/blackstone-third-quarter-earnings-private-credit-insurance-unit-aum-2024-10">credit and insurance</a> assets than in either area.The $1.1 trillion asset manager now has $354.7 billion in assets in the unit that puts together and makes loans, with company president <a target="_blank" href="https://www.businessinsider.com/jon-gray-blackstone-profile-succession-schwarzman-interview-ceo-bumble-oatly-2021-1?r=gray-teaser">Jonathan Gray</a> announcing this week that it manages "the largest third-party private-credit business in the world."The boom in private credit at Blackstone reflects a broader shift in <a target="_blank" href="https://www.businessinsider.com/private-credit-lenders-middle-market-deals-2023-11">how companies borrow</a>. Banks have pulled back from lending, opening up an opportunity for so-called nonbank lenders. Apollo for example has set a goal to manage <a target="_blank" href="https://www.businessinsider.com/apollo-global-management-investor-day-presentation-one-trillion-private-lending-2024-10">$1.2 trillion in private loans</a> by 2029."Everywhere in the world, banks are being asked to do less, and investors are being asked to do more," Apollo CEO Marc Rowan said when outlining the target.JPMorgan boss Jamie Dimon has sounded the alarm on the trend, saying "there could be <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-private-credit-market-risks-retail-investors-debt-investing-2024-5">hell to pay</a>" if the private-credit market wobbles.But given the returns on offer to investors — Blackstone's private-credit arm generated a 16.7% return over the past 12 months — it looks as if it's just getting started.<h2 id="8de1f093-db58-438e-a296-ab09ff92ad5c">An afternoon with a bellwether</h2><div type="image" title="Photo illustration of Kamala Harris and Donald Trump" height="750" width="1000" msid="114397813" hostid="261" sizebytes="44240"></div>Northampton, Pennsylvania, is one of the state's two bellwether counties. It voted for Barack Obama twice, Donald Trump in 2016, and Joe Biden in 2020. BI's Alice Tecotzky spent a day speaking with voters, and a mayor, in the crucial swing district.Many talked about inflation and the economy, but with very different ideas of who is to blame. The mayor of Easton, a Democratic-leaning city, said the election will likely be decided by voters' impression of the economy — and their grocery bills.<a target="_blank" href="https://www.businessinsider.com/pennsylvania-grocery-store-voters-talk-economy-inflation-harris-trump-2024-10">Here's what voters said</a>.<h2 id="69bad2e5-a5bf-4ba9-b958-e3eff00ffc5b">The used-phone revolution is here</h2><div type="image" title="An old and broken phone on a pedestal with heart emojis" height="1000" width="2000" msid="114397811" hostid="261" sizebytes="136754"></div>Ghosts from Apple's past are coming back to haunt it. The market for refurbished phones is taking off, and sellers believe this is their moment to seize.Environmental concerns, high prices, and uncertainty around the AI that companies are putting into their new devices are just some of the reasons customers are turning to used tech — and Apple should be scared.<a target="_blank" href="https://www.businessinsider.com/refurbished-iphones-market-apple-sales-slump-android-cell-phones-cheaper-2024-10">Inside the rise of refurbished phones</a>.<h2 id="8d221ec2-a40e-4d73-80e7-638d6c30f428">Hold the champagne</h2><div type="image" title="Man in a suit exits the Wall Street subway station" height="3333" width="5000" msid="114397815" hostid="261" sizebytes="762740"></div>Investment banking is on the rebound, with banks like Goldman Sachs walloping Wall Street's expectations. Dealmaking fees this quarter brought the firms out of a two-year M&amp;A slump. And investment bank revenue increased by an average of 30% at Goldman, JPMorgan, Bank of America, Citigroup, and Morgan Stanley.It's still too early to pop any bottles, though. Interest-rate hikes, the upcoming election, and other external factors could put a damper on investment banking's resurgence.<a target="_blank" href="https://www.businessinsider.com/wall-street-q3-investment-banking-boom-could-be-upended-2024-10">What's in the cards for the banks</a>.Also read:<ul><li><a target="_blank" href="https://www.businessinsider.com/goldman-sachs-3q-results-dealmaking-trading-resurgence-david-solomon-2024-10">Things are looking up for Wall Street, and Goldman's third-quarter results show why</a></li></ul><h2 id="dc96d953-8312-4bf5-8432-dfb9ba5779e5">A wunderkind rainmaker</h2><div type="image" title="Augustus Doricko sits in a desk with a huge American flag on the back wall." height="3739" width="4985" msid="114397816" hostid="261" sizebytes="612242"></div>With his new company, cloud-seeding startup Rainmaker, Augustus Doricko has launched a God-fearing, cigarette-loving tech hub in El Segundo, California."Respect to Zuck, but I certainly hope the next cohort of people that build great things do it in the real world," Doricko told BI.<a target="_blank" href="https://www.businessinsider.com/rainmaker-augustus-doricko-cloud-seeding-el-segundo-2024-10">Do you remember the rain</a>?This week's quote:"All tech grads are having a tough time right now."— Alex Diaz, a computer science major who says <a target="_blank" href="https://www.businessinsider.com/tech-graduate-job-market-ai-layoffs-2024-10">he's applied to hundreds of jobs and is still unemployed</a>.More of this week's top reads:<ul><li>Wall Street is on a mission to <a target="_blank" href="https://www.businessinsider.com/why-finance-giants-goldman-sachs-blackstone-perfect-search-generative-ai-2024-10">make search sexy</a>.</li><li>Why Amazon is embracing YouTube <a target="_blank" href="https://www.businessinsider.com/inside-amazon-branded-entertainment-playbook-amy-powell-2024-10">instead of fighting it</a>.</li><li>Meet the standup comedians <a target="_blank" href="https://www.businessinsider.com/americas-hottest-comedy-club-linkedin-satire-unhinged-ceos-2024-10">satirizing your boss on LinkedIn</a>.</li><li>Citi's regulatory nightmare still <a target="_blank" href="https://www.businessinsider.com/citi-jane-fraser-regulators-occ-frb-consent-orders-asset-cap-2024-10">haunts CEO Jane Fraser</a>.</li><li>A product manager shares the résumé that <a target="_blank" href="https://www.businessinsider.com/product-manager-shares-resume-cisco-consulting-pivot-big-tech-interview-2024-10">landed him a $180,000 Cisco job</a>.</li><li>Four steps a woman used to be on track to <a target="_blank" href="https://www.businessinsider.com/plan-retire-45-after-earning-26k-first-job-heres-how-2024-10">retire at 45</a>.</li><li>A 28-year-old VC partner shares her surefire ways to <a target="_blank" href="https://www.businessinsider.com/how-to-get-job-venture-capital-no-finance-career-2024-10">move up the ranks</a>.</li><li>America's chipmaking push will continue <a target="_blank" href="https://www.businessinsider.com/us-semiconductor-chip-production-continue-harris-trump-presidency-arizona-jobs-2024-10">no matter who gets elected</a>.The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" class="" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. Grace Lett, editor, in Chicago. <a target="_blank" class="" href="https://www.businessinsider.com/author/amanda-yen">Amanda Yen</a>, fellow, in New York.</li></ul>

Insider Today: Blackstone's juggernaut

<ul class="summary-list"><li>Private lending is now Blackstone's largest business by assets, up 22% since last year.</li><li>COO Jon Gray said it's "very early days" for the burgeoning business.</li></ul>Blackstone made its name buying <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-employee-ownership-program-hvac-company-copeland-kkr-2024-10">undervalued companies</a> and <a target="_blank" class="" href="https://www.businessinsider.com/commercial-real-estate-market-bottom-crash-blackstone-goldman-sachs-2024-3">real estate.</a> But in the third quarter of this year, the company's burgeoning credit arm was the star of the show.In reporting earnings on Thursday, the New York-based buyout firm said its business of cobbling together and investing in loans is now its largest unit by assets. The so-called credit and insurance division boasts assets under management of $354.7 billion, up 22% over last year. By contrast, Blackstone's private-equity business manages $344.7 billion, and its real-estate investing arm, the firm's largest business at the start of the quarter, has $325.1 billion."Today, we manage the largest third-party private credit business in the world," Blackstone's President and Chief Operating Officer, <a target="_blank" class="" href="https://www.businessinsider.com/jon-gray-blackstone-profile-succession-schwarzman-interview-ceo-bumble-oatly-2021-1?r=gray-teaser">Jonathan Gray</a>, said in a call to discuss the firm's financial results. "We have one of the largest, if not the largest, businesses in direct lending, CLOs, real estate debt, and private investment-grade credit," Gray added.Blackstone's private-credit coronation comes as the alternative investments industry increasingly turns toward a growing <a target="_blank" href="https://www.businessinsider.com/private-credit-lenders-middle-market-deals-2023-11">opportunity in non-bank lending</a>. A combination of high interest rates and a <a target="_blank" class="" href="https://www.businessinsider.com/interest-rates-bank-failures-commercial-real-estate-us-economy-outlook-2024-5">banking crisis</a> that has considerably slowed bank lending has increased demand for <a target="_blank" class="" href="https://www.businessinsider.com/jamie-dimon-private-credit-market-risks-retail-investors-debt-investing-2024-5">non-bank loans</a>. Since these lenders often charge higher interest rates, institutional investors are also clamoring to provide capital for these loans to juice fixed-income returns.Blackstone has been tapping into investor demand for private loans in recent months, including what Gray described as a "dramatic increase in demand for all forms of investment grade private credit."Both Gray and Blackstone founder and CEO Steve Schwarzman, meanwhile, seem to think Blackstone's private-credit boom is just getting started."We are building a third-party performing credit juggernaut, and we expect our business to grow significantly from here," Gray said.<h2 id="8b520868-07a0-4e48-a432-8f3b351a93f6">The largest third-party lender</h2>While Blackstone now claims to be the largest third-party credit provider, Apollo is the <a target="_blank" href="https://www.businessinsider.com/apollo-global-management-investor-day-presentation-one-trillion-private-lending-2024-10">largest non-bank lender</a> with $562 billion in private credit assets under management. Apollo has relied on Athene, an insurance company it owns, to lend, while <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-private-credit-investment-strategy-2022-10">Blackstone has focused on investing others' money</a>, forming strategic partnerships with four insurance companies, including Resolution Life, and financial advisory relationships with another 20.Gray expects the insurance industry to continue writing checks to private credit investors, especially in direct lending, a $25 trillion opportunity that's still in "very early days."Gray said that Blackstone's focus on partnering with investors, instead of competing with them by having its own insurance company, will help the business grow."We're not in the market <a target="_blank" class="" href="https://www.businessinsider.com/marc-rowan-profile-ceo-apollo-global-management-leon-black-2021-8">selling annuities</a>," Gray said. "We are a third-party investment manager, and that definitely helps the conversations and helps our momentum here."Gray said the firm sees more pension funds and sovereign wealth clients moving into the space as well."I think over time it's going to move beyond insurance," he said." We're having good dialogue with pension clients. I think we'll see sovereign wealth funds start to do this as well.".Blackstone's private credit arm has generated 16.7% in returns over the last twelve months, though falling interest rates "put some pressure on absolute returns," Gray said. He expects investors to continue to flock to the strategy so long as it can produce returns at a premium to traditional fixed-income investments.<h2 id="c6df9c62-15a3-4bb8-8fe8-7ddacc78d287">"Broad-based acceleration"</h2>Blackstone on Thursday reported distributable earnings, or cash that pays dividends, of $1.3 billion, up 6% over last year — and beating expectations. Total assets under management climbed 10% from last year to $1.1 trillion. The firm's stock price approached its all-time high of $172 a share in midday trading amid what Steve Schwarzman described as a "broad-based acceleration across our businesses."The firm has been making a record number of investments over the last few months, especially in commercial real estate. Blackstone executives <a target="_blank" href="https://www.businessinsider.com/inside-blackstones-real-estate-buying-spree-as-valuations-plummet-2024-5">called a CRE bottom</a> earlier this year, and the company has deployed more than $24 billion into real estate debt and equity over the last twelve months.It's also been investing <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-steve-schwarzman-on-ai-infrastructure-investment-goals-2024-7">big in AI infrastructure</a>, particularly data centers, which will power the artificial intelligence revolution. In September, the firm announced said it would acquire AirTrunk, the largest data center platform in the Asia-Pacific region, in a $16 billion deal alongside the Canada Pension Plan Investment Board.With $70 billion worth of data centers, and over $100 billion of prospective development, Schwarzman said the firm has become "<a target="_blank" class="" href="https://www.businessinsider.com/blackstones-data-center-bets-have-climbed-10-fold-to-100-billion-2024-4">the largest data center provider in the world</a>" in only three years.Opportunities to cash out of investments to drive returns for investors continue to remain sluggish, however. On Thursday, both Schwarzman and Gray said there are plenty of signs that dealmaking is bouncing back, spurred by expectations for lower rates.Gray said the firm's private-equity nondisclosure agreements were up 2.5 times in September compared with the same time last year, suggesting an increase in discussions about potential deals.Gray also predicted <a target="_blank" class="" href="https://www.businessinsider.com/exclusive-omada-health-confidentially-filed-s1-ipo-public-2024-10">growing demand for IPOs</a>, which could help the firm sell some assets and generate returns for its LPs and fees for shareholders and employees.Gray described a meeting he went to this week where the IPO discussion had gone from "theoretical to the practical." Gray said the discussion is now along the lines of, "What's the right size? Should we do it in February or April?"

Inside Blackstone's growing 'credit juggernaut'

<ul class="summary-list"><li>Wall Street's top performers are hard workers who tend to work long, intense hours.</li><li>Business Insider asked its 2024 class of Wall Street stars about how they stay mentally sharp.</li></ul>Call it superstitious, but Mark Zhu, a 34-year-old managing director at Blackstone, likes to start every day the same way. He has two Trader Joe's yogurt cups, one banana-flavored and one blueberry-flavored, eaten in the same order, followed by his supplements, which also have their specific sequence."Those are just examples of how I bring a level of consistency and sequencing to my life," he said. "Because you know the moment after 9 o'clock, the days can get chaotic."Similarly, the 90 minutes between 5:30 a.m. to 7 a.m. are precious to Craig Kolwicz.The Moelis investment banker uses that time to put himself in control for the rest of the day, whether by going to the gym, meditating, or reading a book."You're not getting pulled in all different directions with your deals, your transactions, or just things in life," said the 35-year-old managing director."It's sacred time to me — anything before 7 a.m. is my time."It's no secret that working on Wall Street is demanding. Finance giants from Blackstone to Goldman Sachs attract some of the brightest and most driven people, and to climb the ranks is no easy feat.When we asked top up-and-comers on Wall Street about the habits or routines they followed to keep themselves mentally sharp, no one mentioned<a target="_blank" class="" href="https://www.businessinsider.com/start-day-cold-plunge-reduce-grogginess-stress-mental-sharpness-2023-4"> cold plunges</a>, 10-step facial rituals, or <a target="_blank" class="" href="https://www.businessinsider.com/inside-bryan-johnson-dont-die-summit-singapore-longevity-health-biohacking-2024-10">biohacking</a> trends that tout themselves as life hacks that instantly make you more attractive, healthier, smarter, and more balanced.Most of these high performers featured on <a target="_blank" href="https://www.businessinsider.com/top-wall-street-executives-rising-stars-investing-trading-2024#blake-cecil-32-bridgewater-associates-5">Business Insider's 2024 list of rising stars of Wall Street</a> are spending time with their families, keeping physically and mentally healthy with reasonable workout and <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-partner-brian-robinson-neon-sign-about-sleep-2024-4">sleep routines</a>, and finding opportunities to recharge.Here's what we learned about the hacks, habits, and routines that help top talent on Wall Street stay on their game.<h2 id="25bcbc05-aac9-4976-b303-ad847534c9cf">Morning routines</h2>Chicago-based Bank of America investment banker Corey White is another early riser. He relies on his Apple watch to wake him up gently, with a little vibration at 5 a.m. The 35-year-old works out. He's partial to weight lifting but recently took up running thanks to his twin brother, who works in private equity. He sends his kids off to school and listens to a podcast on an hour-long commute into the office."My mornings are super important to me to have a nice, kind of slow start to the day. And I found it's regulating," he told BI. The routine helps him stay present with his home life as well as work, he added.<div type="image" title="Woman having coffee on her balcony" height="3333" width="5000" msid="114020357" hostid="261" sizebytes="359366"></div>Nina Gnedin, a San Francisco-based portfolio manager from Man Group, starts her day at 4:30 a.m. because she works East Coast market hours."I wake up. I do my face. I do my skincare. I brush my teeth. I drink my double shot of espresso. I do all my morning work rituals, where I check the trades. I check on the portfolios around 7, 7:30. I get coffee again."Her "very regimented" workday ends at 3 p.m., which allows her to get outside and enjoy the outdoors. "There's no day of the year where the sun's down when I'm done with work," she said.<h2 id="44e9adf5-0637-4484-ac2c-31816b001006">Productivity hacks and habits</h2>Bridgewater Associates deputy chief investment officer Blake Cecil likes to push himself (and his team) to meet deadlines that might be arbitrary on paper but give him a mental goal to chase.The 32-year-old overpromises on projects intentionally to " trick" himself into working more efficiently and diligently. One example is he will ask his team and himself this hypothetical: "Let's imagine we had to deliver this in 24 hours — how would we do that?"Often, this leads to creative and innovative work, he told BI.BlackRock's Chi Chen, 34, winds down her weekends with a Sunday evening reading ritual that helps her "distill my brain."It's a two-hour affair, starting with one hour of the books she's reading. The fixed-income portfolio manager is a fan of non-fiction and just read "Behave: The Biology of Humans at Our Best and Worst" by Robert Sapolsky. After that, she turns back to the markets. She reads external and internal research and prepares for the week.<h2 id="e4df00ef-f617-4808-b80b-d0d397e3e250">Commuting with a purpose</h2>Since starting at Bank of America, Justin Elliott has had a daily regimen designed to take up his 20-minute commute to work."It's really around my faith — I do a devotion. Read a Bible scripture, pray. Come into the office and listen to a gospel song," the 29-year-old vice president on the institutional rates sales desk at Bank of America told BI. "That's my every morning routine for getting me centered for the day. It's about reminding me why I'm here and what it's all about."He also goes to the gym two to three times a week and has recently been doing sound baths and meditation with his wife.Listening to music on her drive to her Boston office helps Fidelity Investments' Palmer Osteen, 31, take her mind off what's about to come and what's ahead so she can start her workday with a clear head. It also works for her way home.<div type="image" title="Businesswoman on the phone on her way to work" height="5464" width="8192" msid="114020358" hostid="261" sizebytes="517532"></div>Music "helps me reset and decompress and not go to bed with a hamster wheel in my brain," she said.KKR's Alissa Song, who grew up in Silicon Valley but now lives in New York, uses the time to touch base with family and friends."It just keeps me connected to the people I care about," the 31-year-old industrials investor told BI. "I've been doing this since my college internships.""Part of it is just that we came to the US when I was really young, and so here it's just the four of us here, my two parents and my brother. And so we're really close," she added. "That's been a way that I've kept in touch."<h2 id="d349da13-5838-4be9-ba4b-f0e2bc038874">Friends and Family</h2>Similarly, making time for quality time with friends and family keeps Daniela Cardona, 29, grounded."I work a ton," the RBC investment banking vice president said, but "most important is I've never lost sight of my friends, my support system."Bank of America's White has a family day every Saturday with his wife and two young sons."We go to the museums, go to the zoo, go to the water park, wherever it is, we just fully, deeply focus on our family," he said. "And I think being able to give 100% to whatever you're focused on is really important for just productivity, but also for the mental side of I'm here right now in the moment with my family and being fully immersed in that."<h2 id="0be578d3-3a1c-440b-bfb9-83f44a5d76f0">Hobbies that help take you away</h2>Ben Carper, who finished his <a target="_blank" href="https://www.padi.com/">Padi</a> open water certification a couple of years ago, tries to take a trip or two a year with his wife that focuses on diving. Along with a chance to see exotic locations, it's a chance to completely unplug."It's a change of scenery, and it's kind of hard to think about work when there's a 25-foot manta ray swimming nearby," Carper, a 34-year-old managing director on Jefferies' Private Capital Advisory team, added. His last dive was in the Maldives, and he's eyeing Thailand next.Matthew Eid-Holm, a principal at Ares Management, skis or scuba dives at least every 6 months."A few hours of these activities that require 100% focus on the present are very effective at resetting," the 32-year-old told BI.<div type="image" title="Scuba diver and big manta ray" height="3516" width="5483" msid="114020365" hostid="261" sizebytes="529324"></div>Also, on the ocean theme, Moelis' Kolwicz is a pretty avid surfer."Being out on the ocean, getting that physical activity — it's easy to zone out."There are ways to decompress and relax on land, too. Melissa Ding, an infrastructure investor at BlackRock, likes to engage in meditative activities like cooking, pottery, or tending to her terrace garden to give the 33-year-old a "little bit of mental reset.""When I need a little bit of rest time, there are just things that I do that where I can kind of zone out."Her garden consists of flowers, including dahlias, and a recently planted fig tree.Wells Fargo's Annie Cheslin, 34, recently learned how to play the centuries-old strategy game mahjong, which she's become "obsessed with." The managing director in high-grade municipal trading joined a club that meets twice a month to play.<h2 id="5b69cc3a-c919-44eb-9934-40cdd16bfe98">Exercise routines</h2>Physical challenges are a way to distract yourself from the day-to-day and counterbalance the time you spend in front of computer screens or client dinners.Margaret Williams, a 31-year-old executive director at Morgan Stanley, said she exercises in some form or fashion every day. Williams will do anything, from a run in Central Park to weightlifting to laps at a hotel pool on the road to late-night walks with the dog."It's a part of staying balanced, physically and mentally," she said.Being disciplined about daily workouts is also how Apollo's Austin Anton, 32, clears his head."I find that when I go for a run, I have my most creative ideas, and I love to run, and I tend to do that every other day," he said. "So I find that very helpful in terms of clearing my head and allowing me to think through something."<div type="image" title="Two men and a women lifting weights as they plank" height="3331" width="6317" msid="114020366" hostid="261" sizebytes="390294"></div>Erica Wilson's workout of choice is weightlifting, which "has become a real stress reliever over the last couple of years," she told BI.The 31-year-old vice president at Blue Owl's daily habit has evolved into a competitive hobby. She participated in a power-lifting competition last year through Tone House — she deadlifted nearly twice her body weight — as well as Hyrox, <a target="_blank" href="https://hyrox.com/the-fitness-race">a fitness race</a> featuring eight separate physical exercises, such as sled pulls or burpee broad jumps, with a 1-kilometer run in between each.For Harrison DiGia, morning is the best time to get a workout in."I try to wake up and move my body. I do some sort of workout every morning, whether it's strength training, playing tennis, or even stretching or yoga," the 31-year-old General Atlantic vice president said. "I'm a huge tennis player. I like using that time in the morning to clear my mind. It helps me reset and gets me ready for the new day ahead."<h2 id="d3113c79-caac-4d9d-8730-368968e9dd30">Getting some shut-eye</h2>Patrick Lenihan, a portfolio manager at JPMorgan Asset Management, has a strict bedtime."There's some nights where you need to get things done, but I try to have a hard cutoff. Let's just say 9:30— that's lights out." That gives him 30 or 45 minutes to wind down and ensure he gets his sleep, not just for physical health, but mental, too.He also makes a point to stay active. He played hockey his whole life, but after a few surgeries, he now does lower-impact exercises like pilates and barre at least three or four times a week."Now that I'm on paternity leave, I've been lucky enough to do it, get in a little bit more. But I think those two things help me to at least stay recharged and stay ready each day," he said.Luckily, his infant son is a great sleeper and has not disturbed Patrick's rest so far.<div type="image" title="Woman in distress resting in bed, soft light illuminating the room" height="2000" width="3000" msid="114020363" hostid="261" sizebytes="82906"></div>"I definitely think getting sleep is important," Elizabeth Stone Redding, a principal at TPG, told BI. "It's certainly something I have realized as I've matured in my career, that you really need to use your brain, and you need to get a decent amount of sleep for that."The 33-year-old also habitually sets priorities to stay on track and not get overwhelmed."It's very easy to obviously be overwhelmed with a large list of things, but narrowing it down and saying, 'Okay, these are the two or three things I really want to do today,' helps me a lot," Stone Redding said. "I try to have — even if it's just in my head — a list of two or three things I want to accomplish in a given day."<h2 id="4de0d80b-046e-4e13-ac5d-6bea4c6d110c">Taking a step back</h2>Matt Gilbert, a 35-year-old managing director at Thoma Bravo, started working with an executive coach a few years ago. He was surprised when the coach pushed him to pull back at work."I would say, in general, workaholic or 'Type A' people tend to try to grasp more and more responsibility," he said. "And I actually think ultimately that was the case for me."Gilbert now spends more time with his family. He has made a habit of watching TV with his wife every night and dropping his oldest daughter at school."I think I fill up my cup in terms of personal fulfillment so that my time that I'm at work, I can really, really focus and dedicate to that and kind of maximize the time that I have here."Gidan Dan's key ritual at work is consistently staying in touch with his clients, but at home, the Citadel Securities senior vice president takes the chance to relax."A lot of my colleagues are really good runners and they work out and everything. I'm completely different," he said. "I think I work long enough hours, so I don't want to exhaust myself too much. So I would just go home, and taking care of my kids is enjoyable but exhausting stuff," Dan said of his two daughters, aged 1 and 4. Feroz Khosla, a managing director at Goldman Sachs, isn't just looking for work-life balance, but "work-life harmony — which just means, when you look back at your career, you feel as if there was harmony between work and life," he told BI."Sometimes, you do need to have the power to say no, but do it gracefully," he said. "Maybe the answer is sure, but not right now—and being able to do that without disappointing people is super helpful."

Wall Street's hacks and habits to stay on top of their game 

Veteran Tamil superstar <keyword id="19961922" type="General" weightage="100" keywordseo="Rajinikanth" source="keywords">Rajinikanth</keyword> was admitted to <keyword id="19896307" type="General" weightage="20" keywordseo="Apollo-Hospitals" source="keywords" meta.keywordsubtype="org" meta.entityname="Apollo Hospitals" meta.hostid="261" meta.entityid="Apollo Hospitals">Apollo Hospitals</keyword> in Chennai late Monday after complaining of severe <keyword id="20886842" type="General" weightage="20" keywordseo="stomach-pain" source="keywords">stomach pain</keyword>. The 73-year-old actor, who has a massive fan following across India, was brought in for medical evaluation after experiencing significant discomfort in his abdomen, a PTI report revealed. Reports in PTI and ANI have now confirmed that the legendary actor's health is now stable, and he is scheduled to undergo an elective procedure at the hospital’s cath lab later today to address the issue near his abdomen. Sources also indicate that this is a planned procedure and is not an emergency intervention. Following the procedure, the actor will be shifted to a room and is expected to be discharged by Tuesday evening, barring any complications. Tamil Nadu’s Chief Minister, <keyword id="20000822" type="General" weightage="20" keywordseo="M-K-Stalin" source="keywords">M K Stalin</keyword>, extended his well-wishes to the actor for a speedy recovery. Fans of the iconic star took to social media to offer prayers and express their hope for his swift return to good health, flooding platforms like Twitter and Instagram with supportive messages. As Rajinikanth rests and prepares for the procedure, there is a wave of relief amongst his admirers, many of whom were concerned about his sudden hospitalisation. The actor’s presence on the big screen has made him a household name, and any news regarding his health is followed closely by his fans. Rajinikanth, born as Shivaji Rao Gaekwad, is an Indian film superstar predominantly known for his work in <keyword id="19956636" type="General" weightage="20" keywordseo="Tamil-cinema" source="keywords">Tamil cinema</keyword>. With a career spanning over four decades, he has appeared in more than 160 films, and his larger-than-life persona on screen has made him one of the most influential and popular actors in Indian cinema. Known for his unique style and powerful performances, Rajinikanth has a cult following that extends beyond India, particularly in Southeast Asia. Apart from his film career, he has also dabbled in politics, making headlines for his influence and statements.

Superstar Rajinikanth hospitalised after stomach pain, condition stable

<ul class="summary-list"><li>Why did billionaire Leon Black pay Jeffrey Epstein $158 million for estate-planning advice?</li><li>Black has an answer: He wasn't keeping track of it; $158 million doesn't mean much to him.</li></ul>You know how when you're feeling flush, you sometimes pay a little less attention to how much things cost?Turns out billionaires are like that, too. Or, at least, that's what financier Leon Black says about his relationship with disgraced pedophile <a target="_blank" href="https://www.businessinsider.com/jeffrey-epstein-life-biography-net-worth-2019-7">Jeffrey Epstein</a>.<a target="_blank" href="https://www.businessinsider.com/apollo-ceo-leon-black-resign-investigation-158-million-epstein-payments-2021-1">Black's long-standing connection to Epstein</a> — the billionaire has said he consulted with Epstein on estate planning — raised all kinds of questions and press coverage in the wake of Epstein's arrest on federal sex trafficking charges in the summer of 2019 and his death weeks later.The biggest question: Why had Black, a sophisticated and successful Wall Street boss, the cofounder of Apollo Global Management who could work with anyone he wanted to, paid Epstein tens of millions of dollars for advice?Black, it turns out, has an answer for that, which he related to <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://puck.news/leon-black-discusses-jeffrey-epstein/">William Cohan in Puck</a> this week. He never added up how much money he sent Epstein's way — which he now says was $158 million over several years — because it was just a rounding error against his huge wealth.So that kind of sounds … reasonable?On the other hand, some math: Black's net worth is a reported $14.4 billion, while the <a target="_blank" href="https://www.federalreserve.gov/publications/files/scf23.pdf">median net worth of an American family</a> is $192,900.So when Black is talking about a $93 million swing in his family's fortunes and shrugging it off, he's describing a change of plus or minus 0.6 percent. For the average American family, that would mean adding or subtracting $1,152 in a single day.So maybe the richest people in the world really are quite a bit different from the rest of us.

Apollo's Leon Black says he is so wealthy he didn't know he'd paid Jeffrey Epstein $158 million

<ul class="summary-list"><li>Apollo Global Management is in talks to invest up to $5 billion into Intel, Bloomberg reports.</li><li>The chipmaker is considering the offer, but no deal has been finalized yet.</li></ul>Intel could be getting a capital injection of up to $5 billion from asset management powerhouse Apollo Global Management, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-22/apollo-is-said-to-offer-multibillion-dollar-investment-in-intel">Bloomberg</a> reported on Sunday.The chipmaker is considering the proposition, according to Bloomberg, which cites unnamed people familiar with the plans. According to the report, the "equity-like" investment is still under discussion, and no deal has been finalized.News of the investment discussions comes after The Wall Street Journal reported on Friday that Qualcomm approached Intel about a potential takeover. However, the potential deal <a target="_blank" class="" href="https://www.businessinsider.com/intel-qualcomm-takeover-bid-layoffs-foundry-spin-off-2024-9">could face antitrust scrutiny</a> and political challenges.It follows a Reuters report a few weeks earlier that Qualcomm was <a target="_blank" rel=" nofollow" class="" href="https://www.reuters.com/technology/qualcomm-has-explored-acquiring-pieces-intel-chip-design-business-sources-say-2024-09-06/">considering buying parts</a> of Intel's business.Last month, Intel announced plans to lay off 15,000 employees, cut capital expenditures, and suspend its dividend from the fourth quarter. CEO Pat Gelsinger sent an email last week outlining the "next phase of Intel's transformation. The plan includes creating an independent subsidiary for its foundry business, which makes chips designed by other companies like Microsoft. Intel also <a target="_blank" class="" href="https://www.businessinsider.com/qualcomm-intel-acquisition-chips-semiconductors-tsmc-2024-9">announced a partnership with Amazon Web Services</a> to produce custom designs for the cloud giant as part of a "multi-year, multi-billion-dollar framework."Intel, once the world's most valuable chipmaker, has seen its shares nosedive by close to 60% since the start of the year due to <a target="_blank" class="" href="https://www.businessinsider.com/intel-ceo-pat-gelsinger-turnaround-plan-aws-2024-9">several challenges around its production and strategy</a>. The company missed out on the mobile chip revolution, and <a target="_blank" class="" href="https://www.businessinsider.com/qualcomm-intel-acquisition-chips-semiconductors-tsmc-2024-9">TSMC gained market share</a> from Intel by around 2018. Intel and Apollo didn't immediately respond to requests for comment from Business Insider, made outside normal working hours.

Intel is in talks to get an investment of up to $5 billion from Apollo, report says 

<ul class="summary-list"><li>The US job market is flashing signs that hiring is about to pick up, according to Torsten Slok.</li><li>The Apollo chief economist said strong spending should boost the job market. </li></ul>The US labor market is due for a rebound, with hiring poised to pick up as soon as this month, according to Apollo Global Management chief economist, Torsten Slok.In a note to clients, Slok issued a more positive outlook on the US job market, even as hiring has slowed this year. His outlook is largely tied to increased spending, which should fuel economic growth spur more hiring, he said."It is inconsistent to say that the incoming economic data is strong but the labor market is weakening," Slok wrote. "With the data for consumer spending, capex spending, and government spending still strong, we should soon begin to see a rebound in nonfarm payrolls and a decline in the unemployment rate."The<a target="_blank" class="" href="https://www.businessinsider.com/unemployment-rate-job-growth-interest-rate-cuts-federal-reserve-recession-2024-9"> US added 142,000 jobs in September</a>, lower than the 164,000 jobs economists expected.However, consumption and business spending data have been strong in recent months. <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-today-retail-sales-consumers-outlook-fed-rate-cut-2024-9?utm_medium=social&amp;utm_campaign=business-sf&amp;utm_source=facebook">Retail sales unexpectedly rose</a> in August, while capital expenditures across all sectors <a target="_blank" href="https://fred.stlouisfed.org/series/BOGZ1FA895050005Q">rose to $8.2 trillion</a> last quarter, according to Fed data.Slok pointed to four data points that suggest hiring is bound to rev up:<h3 id="480919d0-24d4-44a3-bc22-684afad53ab4">1. Jobless claims are falling</h3>Jobless claims slumped to 219,000 the last week, according to the Bureau of Labor Statistics. Given the historical relationship between jobless claims and new jobs added, that suggests the economy could see as many as 300,000 jobs added in September, Slok predicted, more than doubling the prior month's gains.<div type="image" title="Graph projecting job gains in September 2024" height="939" width="1419" msid="113609600" hostid="261" sizebytes="58020"></div><h3 id="41ffd7bf-26c3-4b4d-8b86-280e1af5a4f3">2. GDP is rising</h3>The economy continues to grow, which is good news for the labor outlook. GDP is expected to grow 2.9% this quarter, according to the Atlanta Fed's latest <a target="_blank" class="" href="https://www.atlantafed.org/cqer/research/gdpnow">GDPNow reading</a>, about the same pace recorded during the <a target="_blank" class="" href="https://www.businessinsider.com/gdp-gross-domestic-product-second-quarter-2024-us-economy-2024-7">second quarter</a>.If GDP does grow at that pace, the economy could be on track to create 240,000 jobs per month over the third quarter, Slok estimated, given the historical relationship between GDP and nonfarm payrolls."In other words, we could see a sharp rebound in job growth in September from the low levels we saw in July and August," he added.<div type="image" title="Graph projecting job gains in September 2024" height="933" width="1399" msid="113609597" hostid="261" sizebytes="47312"></div><h3 id="893b9545-4546-4b7e-b5e5-ef2ba7b4026e">3. Layoffs have been falling</h3>Firms have been easing up on layoffs. That's a positive sign for the job market, given that firings are the leading indicator of a coming downturn, Slok said, citing a recent <a target="_blank" class="" href=" https://www.minneapolisfed.org/research/institute-working-papers/quits-layoffs-and-labor-supply">Fed paper</a> that examined layoffs in the business cycle.Layoff announcements surged during the month of August, but firms had backed away from job cuts over the four preceding months, according to data from the consultancy Challenger, Gray, &amp; Christmas. Since the start of the year, companies have announced 536,421 job cuts, a 3% decline compared to job cuts announced in the same period last year.The <a target="_blank" class="" href="https://fred.stlouisfed.org/series/JTSQUR">quits rate</a>, meanwhile, ticked higher in July, signaling more confidence among workers."During recessions, quits decline as layoffs increase. But this is not what the latest data for layoffs and quits to non-participation show," he added.<div type="image" title="Graph showing announced job cuts" height="1180" width="2706" msid="113609601" hostid="261" sizebytes="44244"></div><h3 id="08141bd5-31d7-45de-b501-11ac3db72c16">4. Mortgage rates are coming down</h3>Mortgage rates have been on the downtrend this year, with the 30-year fixed rate easing to 6.09% the last week, according to Freddie Mac data. If the 30-year fixed rate slumps to around 5%, that could that could spark a rebound in home sales, providing a boost to the economy and job market, Slok said."With financial conditions easing further because of the 50bps Fed cut and still strong tailwinds to economic growth from the CHIPS Act, the IRA, the Infrastructure Act, strong AI spending, and strong defense spending, the bottom line is that there are no signs of the economy entering a recession," Slok wrote. "In particular jobless claims and the Atlanta Fed GDP Now, are pointing to a reacceleration in employment growth over the coming months," he later added.The outlook for the job market, though, remains mixed, with some commentators warning that hiring could continue to slow due to the lagged impact of the Fed's rate hikes. David Rosenberg, one economist who's been calling for a recession for months, predicted the economy could start <a target="_blank" class="" href="https://www.businessinsider.com/job-market-layoffs-recession-employers-firing-workers-economy-david-rosenberg-2024-8">losing jobs by the end of the year</a>, sending the unemployment rate past 5%.

The job market is about to rebound as widespread spending boosts the economy, Apollo chief economist says

<ul class="summary-list"><li>Apollo Global Management CEO Marc Rowan is calling for University of Pennsylvania leaders to resign.</li><li>He says they haven't condemned antisemitism, especially in light of the attack on Israel by Hamas.</li></ul>Apollo Global Management CEO Marc Rowan is the <a href="https://www.businessinsider.com/bill-ackman-harvard-release-names-students-blaming-israel-violence-hamas-2023-10">latest business leader to slam an Ivy League institution</a> for not taking a stronger stance against what he said was antisemitism.The private-equity billionaire wrote an op-ed for the student newspaper of his alma mater, the University of Pennsylvania. The guest column hasn't yet been published but was viewed in full by Insider. In it, he demanded the school's president, Elizabeth Magill, and the chairman of its board of trustees, Scott Bok, both step down.He urged his fellow alumni to "close their checkbooks" until the university's top brass resigned. "Join me and many others who love UPenn by sending UPenn $1 in place of your normal, discretionary contribution so that no one misses the point," he wrote.Rowan's letter points to the Palestine Writes Literary Festival, which was hosted at the university last month and has been a lightning rod of controversy. The festival prompted more than 4,000 people, including Rowan, to <a href="https://adl.salsalabs.org/upenn/index.html" target="_blank" rel="noopener">sign an open letter</a> to Magill, saying that "platforming of outright antisemitism without denunciation from the university is unacceptable."At the time, the university responded, saying in a <a href="https://president.upenn.edu/content/statement-palestine-writes-literature-festival" target="_blank" rel="noopener">statement</a> that "we unequivocally — and emphatically — condemn antisemitism as antithetical to our institutional values.""As a university, we also fiercely support the free exchange of ideas as central to our educational mission," the statement continued. "This includes the expression of views that are controversial and even those that are incompatible with our institutional values." But, in <a href="https://www.businessinsider.com/why-is-there-fighting-in-israel-and-what-caused-the-conflict-2023-10">light of the attack by Hamas on Israel</a>, Rowan said the response was not enough."President Magill's allowing of UPenn's imprimatur to be associated with this conference, and her failure to condemn this hate-filled call for ethnic cleansing, normalized and legitimized violence that ranged from the targeting of Jewish students and spaces here at UPenn to the horrific attacks in Israel," Rowan wrote in his op-ed this week.Bok responded Thursday, denying Rowan's claims that following the letter regarding the Palestinian Writes Literature Festival, Penn was "working to purge all Trustees with dissenting points of view by explicitly and aggressively demanding those who signed the open letter resign." Bok, who is the CEO of boutique investment firm Greenhill &amp; Co, said it had been out of line for Rowan to denounce the board and university's stance on the festival."Once a leadership team has done appropriate consultation and reached a decision, it is extraordinarily unusual in a corporate, university or nonprofit context for a board member to publicly oppose that decision, let alone solicit others to join their dissenting view," Bok said in his statement. "We did make known to two Trustees pursuing that unusual step that they could consider voluntarily resigning, thereby freeing them from all the constraints involved in serving on a board. Those individuals chose not to resign, and they remain welcome as members of Penn's board"Penn didn't directly respond to Rowan's letter in an emailed response to Insider, but a spokesman forwarded responses that university leaders had sent to the campus community after an antisemitic incident on campus and after Hamas's attack on Israel.Organizers of the festival have been quoted by <a href="https://www.thedp.com/article/2023/09/penn-palestine-writes-literature-festival-magill-statement" target="_blank" rel="noopener">The Daily Pennsylvanian</a> as denying it embraced antisemitism. The organizers didn't immediately respond to a request for comment from Insider. The Daily Pennsylvanian reported some Jewish students and groups on campus objected to some of the event's speakers, which included the Pink Floyd frontman, Roger Waters, whom the <a href="https://www.adl.org/resources/fact-sheet/roger-waters-his-own-words?gclid=Cj0KCQjwj5mpBhDJARIsAOVjBdr25XVIxfyr5IkX4upu8_TiSRjaOyuD_KmtdaGfFPxe7CHrlUyKZecaAhYDEALw_wcB" target="_blank" rel="noopener">Anti-Defamation League</a> and others have accused of being anti-Jewish.Rowan, who chairs the Wharton School's Board of Advisors, and his wife, Carolyn, donated $50 million to Penn's business school in 2018. He is the latest Wall Street titan — and big-money donor — to condemn an alma mater for a response, or lack thereof, to <a href="https://www.businessinsider.com/why-israel-wont-be-able-to-completely-destroy-hamas-by-invading-gaza-2023-10">the crisis in Israel</a>. On Tuesday, Pershing Square Capital Management CEO <a href="https://www.businessinsider.com/bill-ackman-harvard-release-names-students-blaming-israel-violence-hamas-2023-10">Bill Ackman called on Harvard to release the names of students</a> in groups holding Israel solely responsible for Hamas' violence. Ackman said he didn't want to "inadvertently hire" students who were part of the organizations. Several CEOs voiced their agreement, including Jonathan Newman, the cofounder of the salad fast-food chain Sweetgreen, and Dovehill Capital Management CEO Jake Wurzak."We see sickening parallels between Harvard leadership's inaction against Harvard's antisemitism and the failure by UPenn's leadership to take a stand against hate," Rowan wrote in his letter.Ackman has <a href="https://twitter.com/BillAckman/status/1712210487159488888">tweeted</a> his support of Rowan's letter.Update: October 11, 2023 — This story has been updated with a response from the University of Pennsylvania.Update: October 12, 2023 —This story has been updated with a response from Scott Bok, the chairman of University of Pennsylvania's board of trustees.

Apollo CEO is calling for University of Pennsylvania leaders to resign after he says they refused to strongly condemn antisemitism

<ul class="summary-list"><li>Blackstone is set to grant shares to workers at the businesses it buys, The Wall Street Journal reported.</li><li>It's set to award stock to employees at Copeland, which it bought last year for $14 billion.</li></ul>Blackstone is set to start granting stock to its portfolio companies' employees, <a target="_blank" href="https://www.wsj.com/finance/blackstone-to-grant-equity-to-most-employees-in-future-u-s-buyouts-3c5fed45">The Wall Street Journal</a> reported.The private equity giant's plans to give equity to workers at most of the large US-based businesses it buys are expected to be announced at a conference this week.Blackstone plans to start the initiative by giving shares to workers at <a target="_blank" href="https://www.blackstone.com/news/press/blackstone-completes-acquisition-of-majority-stake-of-copeland-formerly-emerson-climate-technologies/">Copeland</a>, a climate-tech company it bought from Emerson Electric last year for $14 billion, per the Journal.The investment firm employs about <a target="_blank" href="https://www.blackstone.com/our-businesses/portfolio-operations/">700,000 people across the 230 companies</a> it owns globally. Blackstone shares are down 3% this year, but have risen more than 50% over the past 12 months leaving it worth just over $150 billion at Tuesday's closing bell. Other private equity titans have made similar moves in recent years.KKR started awarding shares to employees at its industrial businesses in 2011 and later broadened the program to cover workers at all of its US-based portfolio companies.In April 2022, KKR's global cohead of private equity Pete Stavros launched <a target="_blank" href="https://ownershipworks.org/">Ownership Works</a>, a nonprofit that seeks to promote shared ownership. Apollo, Ares, and Silver Lake are among the 19 firms that have backed the program.The private equity titans see granting shares to rank-and-file employees as part of an effort to reduce income inequality, at a time when the industry's massive profits have come under fire from lawmakers, including senators <a target="_blank" href="https://www.warren.senate.gov/newsroom/press-releases/warren-wyden-sanders-murray-blast-private-equity-giant-kkr-for-grossly-substandard-care-and-unsafe-living-conditions-in-group-homes-for-people-with-intellectual-and-developmental-disabilities">Bernie Sanders and Elizabeth Warren</a>.When Ownership Works launched two years ago, it set the goal of generating<a target="_blank" href="https://www.wsj.com/articles/private-equity-giants-back-new-nonprofit-promoting-employee-ownership-11649151000?mod=article_inline"> $20 billion in wealth</a> for low and middle-income employees over the following decade.

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