Morgan Stanley research note on potential conversion of alternative asset managers to C‑corporations

The passage discusses tax‑driven structural changes for private‑equity firms and mentions senior executives (e.g., Ares CFO Mike McFerran) but provides no concrete allegations, financial flows, or mis Tax Cuts and Jobs Act lowered corporate tax rate to 21%, prompting discussion of converting partners Ares Management and Apollo are identified as the most likely candidates for conversion. CFO Mike M