BUZZ-Apollo CEO Rowan as potential Treasury Secretary positive for industry, TD Cowen says

Reuters02:03

** TD Cowen says President-elect Trump potentially picking Apollo Global Management APO.N CEO Marc Rowan as the next Treasury Secretary would be positive for the asset management industry

** Alternative asset manager APO closed down 3.2% on Wednesday, underperforming peers, after reports of Rowan emerging as a top contender

** Brokerage says Rowan's appointment likely tempers regulatory risks for the sector while possibly accelerating its entry into the retirement market

** On the flip side, TD Cowen says a transition could initially create key man risk for APO, though it would expect an orderly transition

** Brokerage believes APO would likely choose between co-presidents of its asset management business — Jim Zelter or Scott Kleinman — to succeed Rowan

** As of last close, APO shares up 74.8% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com))

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