EFTA Document EFTA01452620

S'aituttitm •till 3. Jr bate on seising the Aiii .•.morass With volatile and less predictable earnings, the market has been reluctant to assign a comparable traditional asset manger P E en the Alts' caned interest income strum. which amountal for over half of Aire pretax income over the past 2 years, Dimmer. sec see limitations in this legacy sum-of-pans v aluatim rammaa (valuing fee-earnings at much higher multiples than carried interest) primarily because of the longer-term reliability