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1.95 MB
Extraction Summary
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People
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Organizations
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Locations
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Events
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Relationships
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Quotes
Document Information
Type:
Financial research report
File Size:
1.95 MB
Summary
This document is page 11 of a Morgan Stanley research report titled 'North America Insight,' stamped with 'HOUSE_OVERSIGHT_025561'. It analyzes 'Fee-Related Earnings' (FRE) for Alternative Asset Managers (Alts), arguing they should be valued higher than Traditional Asset Managers due to faster organic growth and stickier assets. The report specifically highlights ARES (Ares Management) as a stock seeing significant multiple expansion (from 15.0x to 18.4x). The document contains financial charts projecting data through 2018 and 2019, suggesting it was written circa 2017-2018.
Organizations (4)
| Name | Type | Context |
|---|---|---|
| Morgan Stanley |
Investment bank producing the research report.
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| ARES |
Asset management firm (Ares Management) cited as a stock likely to convert and seeing FRE expansion.
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| House Oversight Committee |
Implied by the Bates stamp 'HOUSE_OVERSIGHT', indicating this document was subpoenaed or provided for a congressional...
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| Thomson Reuters |
Cited as a source for Exhibit 12 data.
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Locations (1)
| Location | Context |
|---|---|
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Region of insight mentioned in the header.
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Relationships (1)
Morgan Stanley research report analyzing ARES stock performance and valuation.
Key Quotes (4)
"We believe that under a C-corporation structure with a broader potential investor base and ownership, this portion of the Alts earnings are most likely to re-rate significantly higher"Source
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Quote #1
"We estimate the multiple on ARES FRE has already gone up from 15.0x to 18.4x."Source
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Quote #2
"On average, our three approaches suggest a 23.4x multiple for fee related earnings."Source
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Quote #3
"The Alts have outpaced organic growth rate of traditional asset mgrs over the past 4 years by nearly 700 bps"Source
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Quote #4
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