EFTA Document EFTA01452573

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Assot Manager Initiation Theme II Is rising demand for alternatives secular or cit.:le:all' Our answer: we believe it Is secular, though will require investors to be patient in steep market downturns (as the alternative managers are►. The Alts benefit from their long-term investing mandates (-5-10 years) and cannot only hold their positions through cycles but can also influence investment returns by managing their portfolio