Citigroup Raises PTs on Alternative Asset Managers (KKR, OZM)

Citigroup is out with a research report this morning, where it noted two positive developments for alternative asset managers: First, carried interest taxation risk sharply declined. Second, a survey released by UK-based Preqin reinforced upcoming cycle for mandates – notably private equity mandates. The news is particularly good for the pure play alternative managers, including KKR & Co. KKR and Och-Ziff Capital Management Group OZM, but the analysts also believe that Invesco Ltd. IVZ (via WL Ross) and Affiliated Managers Group AMG (via Pantheon) will also see benefits. KKR's price target was raised to $22.00, from $21.00. OZM's price target was raised to $21.00, from $20.00.