Deals
Apollo-Tied Athene Dials Back BBB Credit Buys Ahead of Downturn
- CEO says positioning portfolio ahead of any turn in cycle
- Company is bullish on pension deals after recent victories
This article is for subscribers only.
Athene Holding Ltd., the annuity seller backed by Apollo Global Management LLC, is boosting credit quality in its $111 billion investment portfolio as it readies for the next downturn.
The company cut its annual purchases of BBB-rated corporates by more than $1 billion year-over-year, Chief Executive Officer Jim Belardi said Tuesday in an earnings call. Residential and commercial mortgages, asset-backed securities and alternatives are among investments that still offered attractive returns, he said.