Rowan explains Athene cannot buy fixed income in public markets because there is no excess return, only beta.
“Athene as a retirement services company wants 95% fixed income and 5% alternatives. But that 95% fixed income they can't buy in the market because the market is now completely beta.”
“Twenty years ago, there was alpha left in publicly traded fixed income markets. Firms like ours offered you a high yield bond account, a levered loan account.”