Blackstone, one of the world’s largest alternative asset managers, has secured a securities underwriting licence as its expanding capital markets operation strays into investment banking territory.

The licence is the latest example of the transformation of big listed private equity groups as they become more broadly based alternative asset managers.

Apollo and KKR, two of its biggest rivals, also have securities underwriting licences. The move highlights the pressure listed private equity groups are under to generate new sources of fee income. Of the big listed buyout groups, only Carlyle says it does not have an underwriting licence.– (Copyright 2013 The Financial Times Limited)