Morgan Stanley Research on Fee-Related Earnings Multiples for Alternative Asset Managers

Morgan Stanley Research on Fee-Related Earnings Multiples for Alternative Asset Managers The document is an internal research note discussing valuation multiples for fee-related earnings of alternative asset managers. It contains no allegations, financial flows, or connections to high‑profile public officials or government agencies. The content is limited to market analysis and does not provide actionable leads for investigations. Key insights: Morgan Stanley suggests fee‑related earnings (FRE) could trade at a 23.4x multiple, higher than the current 15x market pricing.; Alternative asset managers (Alts) are projected to grow faster than traditional managers, with organic growth outpacing by ~700 bps.; The note references ARES as a potential conversion target and cites internal estimates for multiple expansions.