EFTA Document EFTA01452584

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Asset Manager Initiation Theme I How should the alternative asset managers be valued? A key part of our investment thesis centers on at least modest PIE multiple expansion for the alternative asset managers relative to the traditional asset managers over the next 12 months. We think this will be driven by both cyclical and secular factors. As outlined within the report, the key positive cyclical factor is the current realiz