EFTA Document EFTA01452592

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Asset Manager Initiation Theme V What are the near-term and long-term risks for these stocks, especially after surging prices in 2013? With these stocks up a median 60% in 2013, the risks naturally become worth considering to a greater extent than over the past year. However, we see near- term downside being limited as long as the cyclical tailwinds remain favorable (e.g. strengthening economy, good capital markets activity