Eating your cake, and having it

Blackstone has long signalled it doesn’t want to take on vast insurance liabilities. — Bloomberg

IF these are good times for mergers and acquisitions bankers, they’re great for those whose Rolodex is stuffed with contacts in asset management and insurance.

The challenges in equities and the opportunities in private credit are forcing a rejig of the relationship between the two industries – and everyone is grappling with the best form of cohabitation.