EFTA Document EFTA01452581

28 January 2014 Brokers, Asset Managers & Exchanges Alternative Asset Manager Initiation For BX (Figure 11) we expect stronger intermediate-term growth as BX' realization cycle matures over the next 1-2 years, we think peaking in 2015 or later. Combined with good organic growth trends, we see El and revenue growing at a double digit pace, largely through a realization cycle (2012-16). In addition, we do not see a dramatic change in the business mix over time, with variances more attribut