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sd-10-EFTA01452572Dept. of Justice

EFTA Document EFTA01452572

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28 January 2014 Brokers, Asset Managers & Exchanges Alternative Asset Manager Initiation Investment Summary 3 Strong cyclical & secular trends should drive further outperformance for Ms over the next 12 months 3 Five key themes to drive the stocks this year 4 Differentiating the Alts 7 Business mix differences across the firms 10 Theme I 18 How should the alternative asset managers be valued? 18 Theme II 25 Is rising demand for alternatives secular or cyclical? 25 Theme III

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Dept. of Justice
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sd-10-EFTA01452572
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