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Apollo Shares Jump on Conversion Plans After Rivals Benefit (3)

May 2, 2019, 12:44 PMUpdated: May 2, 2019, 1:48 PM

Apollo Global Management LLC, the private equity firm led by Leon Black, plans to convert to a corporation from a partnership following in the footsteps of some of its biggest peers.

The New York-based firm’s stock price may get a boost from the change in company structure, which enables it to be included in indexes and potentially increase mutual and exchange-traded fund ownership. Apollo announced the shift—expected to take effect during the third quarter—in a statement May 2.

Shares of Apollo rose 2.8 percent to $33.71 at 9:40 am in New York trading.

Heads of publicly-listed private equity firms have ...