EFTA Document EFTA01452606

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Asset Manager Initiation Investment Thesis Outlook Hold-rated KKR is one of the leading alternative asset management companies with a track record of innovation, strong investment performance, and healthy fund raising (organic growth). The firm is well positioned from rising demand from alternatives and concentration of fund raising toward large GPs. However, we see KKR units trading in a range near current levels over the