US-Iran ceasefire offers reprieve for asset managers strained by private credit

Shares of asset managers climb premarket after a two-week ceasefire between the U.S. and Iran brings relief after weeks of private credit stress

Blackstone BX.N and KKR KKR.N add 4.1% each, while Apollo Global APO.N gains 4%

Blue Owl OWL.N jumps 4.8%, with investors looking past an outlook cut from Moody's Ratings on one of its funds

The companies have been pressured by souring sentiment following a wave of redemptions from private credit funds

Asset managers typically fare better in a risk-on environment, when equity markets perform well, boosting the value of their portfolio holdings

YTD, OWL has lost 43.3% as of last close, while BX, KKR and APO are down 26.8%, 28.8% and 27.2%, respectively