Morgan Stanley research on performance fee multiples for alternative asset managers

Morgan Stanley research on performance fee multiples for alternative asset managers The document is a standard equity research note discussing valuation multiples for performance fees. It contains no allegations, financial flows, or connections to political or intelligence actors, and offers no actionable investigative leads. Key insights: Analyzes appropriate multiples for performance fees using a sum‑of‑parts framework.; Compares volatility of alternative asset managers' fee earnings to Goldman Sachs.; Provides scenario tables for future carry multiples under different tax and conversion assumptions.