Morgan Stanley downside scenario valuation for alternative asset managers

Morgan Stanley downside scenario valuation for alternative asset managers The document provides internal financial modeling assumptions for tax scenarios affecting alternative asset managers' valuations. It contains no references to high‑profile political figures, government agencies, or alleged misconduct, offering only modest investigative leads about potential tax impacts on earnings. Key insights: Assumes conversion of alternative funds to C‑corps with full tax on earnings; Projects ~18% downside for group if tax scenario occurs; Uses 24% tax drag on performance fee earnings and carry balances