Morgan Stanley Research Appendix on Fee Multiples – No Evident Investigative Leads

Morgan Stanley Research Appendix on Fee Multiples – No Evident Investigative Leads The passage is a routine financial analysis document describing valuation assumptions for asset managers. It contains no references to individuals, transactions, or misconduct, offering no actionable investigative leads. Key insights: Discusses fee-related earnings multiples ranging from 12.5x to 30x.; Mentions a 15x multiple for performance fees.; Applies a 24% tax rate to net carry receivable values.