Updates

** Some alternative asset managers slip after surge in redemption requests hit Blackstone's BX.N flagship credit fund, BCRED

** Blackstone BX.N slides 5%, Ares Management ARES.N down 2.5%, KKR KKR.N falls 2%, Blue Owl Capital OWL.N slips 5.4% and Apollo Global Management APO.N down 1.5%

** BCRED Q1 redemptions totaled 7.9%, exceeding 5% of shares typically available for repurchase

** "This was above investor expectations based on our conversations," Barclays analyst Benjamin Budish says; adds it should weigh on shares across alternative asset managers

** Anxiety has climbed in private credit market due to questions about valuations and transparency, while broader credit quality concerns were fanned by two bankruptcies last year

** "Investors redeeming 7.9% from BCRED, obviously a negative headline for a group that can't afford more bad headlines. With investors on edge with respect to private credit flows, the negative headlines will weigh today," Truist Managing Director Brian Finneran says