EFTA Document EFTA01452575

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Assot Manager Initiation Differentiating the Alts Different profiles across the group will impact ••✓aluations While the Alt stocks may tend to move in lockstep many times given their business mix distinction vs. other financials, we think it will be very important to understand the different business attributes across the firms as the earnings and risk profiles for each should drive material performance divergences, includ