EFTA Document EFTA01452587

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Asset Manager Initiation Figure 22 shows the Alts have made a little progress on narrowing their PE gap vs. traditional asset managers over the past year (also shown in Figure 20 numerically with the Alts narrowing the discount to traditional managers to 38% currently vs. 47% on average over the last 12 months). Overall, we do not see the Alts closing the P/E gap vs. traditional asset managers - despite their superior histor