Rowan: Five banks and five tech firms will dominate fixed income
Marc Rowan · Private Markets, Software Repricing and Capital Allocation | Marc Rowan on a16z · May 27, 2026 · at 11:03
Marc Rowan, CEO of Apollo Global Management, analyzes public market concentration and forecasts consolidation in global fixed income markets.
0:00 / 0:18exact quote · 18.9s
▶ Watch the full episode on YouTube → 720p mp4 · rendered on demand · StarZero watermark
“And so the same thing, by the way, is happening in the global fixed income market dominated historically by 10 large banks. It's about to be dominated by five large banks and five large tech companies. As much concentration as exists in the equity market, That's how much concentration is going to exist in the fixed income market.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Marc Rowan
Marc Rowan predicts disastrous returns for private equity enterprise software deals
“I personally expect the returns from private equity in the ground to be disastrous. Because so much of exposure is to enterprise software, and this does not mean that enterprise software companies are going out of business. Far from it. It means that the prosp…”
Rowan: University protests are fundamentally anti-American and anti-system
“Israel, Palestine is not fully an anti-Semitic issue. And that's not what I saw at these universities. I saw it as an anti-American, anti-system issue.”
Marc Rowan predicts blue-collar ascendancy and white-collar decline from AI
“What I've said previously is I think we're going to see a little bit of blue collar ascendancy and white collar decline.”
Rowan: Vast majority of UPenn donors reduced annual donations to $1
“Vast majority of donors decided to give the university a dollar per year versus whatever their donation was.”