EFTA Document EFTA01452590

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Asset Manager Initiation Theme III Where do we stand in the private equity cycle? With the private equity financial model heavily linked to economic cycles, investors in the stocks need to be especially mindful of the cyclical impact on these stocks - both perceived and real, even if the secular trends are very positive, as they are right now. From a distributable earnings perspective, we see the PE business remaining in th