KKR's new era, does it best Blackstone finally?

There has been a lot of talk lately about how investment bank and private equity firms compete against one another. Most of the talk has been focused on the top investment banks' private equity operations and whether they compete with their private equity clients. But the initial public offering of Kohlberg Kravis Roberts has recast the debate. In its filing, KKR says it will seek a broker-dealer license, which would mark a move onto the turf of investment banks. Certainly, if it could raise its own financing by issuing bonds itself, for example, it could probably find some deal synergies. It might also underwrite its own IPOs when the time to cash out is at hand. There are lots of possibilities. It might start some advisory work. In any case, KKR has the brand to become an instant powerhouse. This is very interesting, but I do not see other private equity firms following suit.

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- here's the article from the AP