EFTA Document EFTA01452625

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Asset Manager Initiation Earnings variability greater than peers: However, with fewer, but larger, funds than peers, and more concentrated portfolio positions (and also more flexible investing mandates), we expect the long-term earnings profile to have more peaks and valleys than peers. Over the long-term, we think the firm is likely to continue to generate outstanding IRRs, which should enable fund raising to remain healthy