EFTA Document EFTA01452578

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Assot Manager Initiation Fee-based revenue, mostly as a portion of fee-based assets under management (FPAuM) but also from a variety of transaction fees, accounts for 40% of the revenue while principal investing (proprietary investments on balance sheet, mostly alongside limited partners (LPs) in the funds), makes up over 10%. Over the past several years (and to some extent over past couple decades), the Alts have increasing