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Rating:KKR Swallows Some Humble Pie, Because Email Routing List Email & Route  Print Print
Friday, November 16, 2012

KKR Swallows Some Humble Pie, Because "Arrogance Kills"

News summary by MFWire's editors

KKR & Co.'s efforts to attract attention to its new mutual fund line is receiving plenty of attention — some of it gently mocking — from the news media.

The newly humble, retail-courting buyout firm got a full-length story in the Wall Street Journal today, which focused on the scene around the firm's booth at the Schwab IMPACT conference in Chicago.

The firm, made famous by the book "Barbarians at the Gate," has adopted a softer tone to market its two newly launched mutual funds. The WSJ story notes that the firm was handing out logo-stamped golf balls to "curious — and sometimes not-so-curious — investors" at its booth.

Firm co-founder George Roberts and head of asset management Scott Nuttall were at the booth to schmooze with advisors. Nutall said that the firm is determined to eat whatever humble pie it must in order to build its mutual fund business. (The two also took part in a panel discussion with Chuck Schwab this week.)

"We think arrogance kills ... We have to earn the right for people to trust us," said Nutall. "We're introducing ourselves to this market in order for people to get to know who we are, and that we're not barbarians."

WSJ reporter Ben Kesling got some fun quotes from interlopers at the KKR booth.

"I was just looking at the golf balls. We generally use funds that have a track record," said one Nebraska advisor.

"Who are they? I did think that had spent a lot on their booth. It's a very nice booth. I wish them all the best," said another. 

Edited by: Chris Cumming

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