EFTA Document EFTA01452595

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Asset Manager Initiation Investment Thesis Outlook Hold-rated Apollo is one of the leading alternative asset management firms and we view the firm as broadly well-positioned to benefit from strong secular industry trends, including rising demand for alternatives and greater concentration of fund raising toward large PEs. However, we see the units trading in a range near current levels over the next 12 months for the followi