Global Management Inc. 计划投入约 3.5 亿美元，以强化私人信贷交易业务，这是该公司持续推动该领域价格透明化并增加流动性努力的一部分。
Global Management Inc. plans to spend around $350 million to enhance private credit trading as part of the firm’s ongoing efforts to bring price transparency and additional liquidity to the sector.
阿波罗总裁 Jim Zelter 周二在分析师电话会上表示，阿波罗的交易业务将主要设在奥斯汀，计划为传统上不透明的私人信贷投资提供更多数据。
Apollo’s trading business, which plans to offer more data on traditionally opaque private-credit bets, will be mostly based in Austin, the firm’s president, Jim Zelter, told analysts Tuesday.
“我们将注销现有软件，淘汰原有依赖的系统，以便以更快的方式进行更新并利用新技术，”Zelter 在公司发布第三季度财报后的电话会上说。
“We will write off our software and eliminate the systems previously relied on as we update and take advantage of new technologies in a much faster way,” Zelter said on a call following the firm’s third-quarter earnings.
他补充道：“托管和结算不会由我们自行完成，我们将与多家合作伙伴共同开展。我们的目标是让私人资产的买卖尽可能简便、熟悉。” 上个月，阿波罗开始公开披露其 8500 亿美元信贷业务中资产的预估日值。此举可能迫使竞争对手提供类似水平的透明度，因为市场担忧 1.8 万亿美元私人信贷领域贷款的真实价值。
“Custody and settlement will not be something that we do by ourselves,” he added. “We will do that in partnership with a number of others. Our goal is to make buying and selling of private assets as easy and familiar as possible.”Last month, Apollo began publicly disclosing the firm’s estimated daily values for assets in its $850 billion credit business. The move may pressure rivals to provide similar levels of transparency amid market fears about the true value of loans in the $1.8 trillion private credit sector.
但这一举措也激怒了同行，他们抱怨称这可能破坏私人信贷部分吸引力 —— 即避免盯市波动。
Yet the move has also irked peers who complain it could spoil part of private credit’s appeal — avoiding mark-to-market volatility.
“有人抗拒变革，”阿波罗首席执行官 Marc Rowan 在电话会上说。“私人市场长期以来受益于受控波动。受控波动骗不了任何人。” 阿波罗于 2014 年建立交易业务，并开始将其发放的贷款出售更大份额给其他投资者。它还代表客户买卖，即从事做市业务。在此过程中，公司一直从华尔街银行招募人才，并表示预计到年底交易量将超过 400 亿美元。
“There are people who are resistant to change,” Apollo’s Chief Executive Officer Marc Rowan said on the call. “The private market has benefited for a long time from managed volatility. Managed volatility fools no one.”Apollo built its trading business in 2014 and began selling bigger pieces of the loans it originated to other investors. It also bought and sold on behalf of clients, a business known as market-making. It’s been hiring from Wall Street banks in the process, and said it expects to have traded more than $40 billion by year-end.
阿波罗今年早些时候选定奥斯汀作为其第二总部，加入了一系列金融公司在得克萨斯州扩张的行列，以受益于该州对商业友好的政策和当地人才。
Apollo picked Austin as its second headquarters earlier this year, joining a string of finance companies expanding in Texas to benefit from its business-friendly policies and local talent.
新中心将容纳该公司大部分交易业务，以及负责阿波罗及其 Athene 部门新产品、分销和投资基础设施的团队。
The new hub will house much of the firm’s trading business, as well as teams overseeing new products, distributions and investing infrastructure for Apollo and its Athene unit.
“如果没有数据，我们将无法做市场做市商业务，”Zelter 说，“但数据仍有改进空间。”
“We would not be able to do market-making without data,” Zelter said, “but data can still be improved.”