Morgan Stanley research report on potential C‑corp conversions of alternative asset managers

The document is an internal equity research note discussing valuation scenarios for alternative asset managers if they convert from partnership to C‑corp structures. It contains no allegations of wron Ares Management is expected to discuss C‑corp conversion intentions around its Feb 15 2018 earnings Morgan Stanley analysts project a 26% upside for Apollo (APO) and 23.5% upside for ARES if convers