Credit Suisse Investment Banking Pitch Book
Preliminary selected precedent asset management
transactions
($ in millions)
Date
Acquiror
01/31/2017
BC Investment Management Corp
08/19/2016 FAB Partners
03/30/2016 State Street Global Advisors
01/22/2016 Legg Mason
11/06/2015 Conning Holding Corp.
10/08/2015 TA Associates & Reverence Capital Partners
07/23/2015 Ares Management LP
07/20/2015 Blackstone, Corsair Capital and private investors
06/15/2015
Sun Life Financial
02/19/2015
11/20/2014
11/04/2014 Colony Financial
07/14/2014
BTG Pactual
06/26/2014 London Stock Exchange
04/14/2014 TIAA CREF
03/26/2014
01/27/2014 BMO Financial Group
11/18/2013 Aberdeen
09/24/2013 New York Life Insurance
05/30/2013 Warburg Pincus and General Atlantic
02/10/2013
ORIX Corp
12/06/2012
TD Bank Group
08/08/2012
Carlyle Group
04/10/2012 Affiliated Managers Group
Natixis Global Asset Management
Kelso & Co. and Estancia Capital Mgmt.
05/17/2010
02/10/2010
11/14/2011 Nuveen Investments
01/12/2011
Henderson Group Plc
10/18/2010
Standard Life Investments
89
Royal Bank of Canada
Man Group plc
Affiliated Managers Group, Inc.
Source: Company Mings
(1)
/Target
Haylin Capital Management LLP
1
CIFC LLC
/GE Asset Management
Clarion
Octagon Credit Investors
Russell Investments
Kayne Anderson Capital Advisors
/ First Eagle Investment Management
/Bentall Kennedy Group
DNCA Finance
American Beacon Advisors, Inc.
Colony Capital LLC
1
BSI SA
/Russell Investments
1 Nuveen Investments
Ignis Asset Management
F&C Asset Management
Scottish Widows
Dexia Asset Management
Santander Asset Management
Robeco
/ Epoch Investment Partners
/TCW Group Inc
Yacktman Asset Management
Revenue and EBITDA multiples based on ENI revenue and ENI EBITDA.
Enterprise value includes upfront payment of $1.0bn plus contingent consideration of $150mm.
Excluding the contingent payments, the implied EV / EBITDA multiple is 5.5x
Transaction withdrawn
Assets under
Notes management
/Gresham Investment Management B
/ Garbmore Group Limited
/BlueBay Asset Management plc
GLG Partners, Inc.
Pantheon Ventures
Enterprise value includes upfront payment of $547.5mm plus contingent consideration of $110.2mm
Excluding the contingert payments, the implied EV/EBITDA multiple is 16.4
(4)
8
(5)
B
$8,800 Majority
14,000
110,000
40,000
12,800
200,000
20.000
100,000
21,808
16,630
57.200
19,000
100,200
250,000
221,000
97,731
136,008
219,130
99,845
Enterprise
acquired value AUM
198,428
244,424
24,173
130,000
16,800
13,700
25,901
40,000
23,700
22,000
100%
100%
83%
82%
100%
100%
$268
333
705
214
2,550
Majority 4,000
454
878
600
100%
71%
100%
100%
100%
100% 2,700
100% 0,250
100%
100% 1.415
646
1,047
High
Mean
Median
Low
100%
100%
50%
2,672
90% 2.077
100%
60%
50%
60%
100%
100%
100%
1.7%
1.1%
2.8%
0.7%
1.0%
0.5%
513 0.5%
700
500
604
1.369
1,722
100% 1,000
3.1%
2.4%
0.4%
1.8%
1.7%
0.4%
9.8%
4.0%
2.1%
5.3%
1.0%
3.5%
0.8%
2.0%
0.5%
3.2%
3.6%
2.3%
3.5%
7.3%
4.5%
2.1%
0.4%
LTM
3.4x
NA
8.3x
NA
NA
NA
5.1x
NA
NA
2.6x
3.4x
2.4x
2.0x
6.3
NA
NA
4.4x
1.4x
5.7x
5.7x
NA
4.3x
3.9
1.4x
Revenue
Run Rate Last Year
NA
NA
NA
NA
2.8
Enterprise value/
NA
1.7x
LTM
7.5x
10.1x
12.6x
NA
NA
NA
19.7x
7.6x
12.7x
7.5x
9.5x
NA
5.0x
NA
NA
6.0x
7.0x
16.9x
NM
NA
10.4x
9.5x
5.0x
EBITDA
Run Rate Last Year
NA
NA
NA
6.5
10.0x
NA
9.0x
11.4x
EV/Revenue multple based on Russel Investments 2013 Total Gross Revenue, which excludes
distribution fees, client fees, commission rebates and discounts, agency fees and certain other items
Enterprise value includes upfront payment of £550mm plus contingent consideration of £100mm
Excluding the contingent payments, the implied EV/Revenue mutiple is 2.4x
Confidential / Draft
16
EV/Revenue multiple based on Gartmore 2010 Total Revenue, which excludes fee and commission
expenses.
Enterprise value includes upfront payment of $775mm plus contingent consideration of $225mm. Credit Suisse AG and/or its affiliatesView entire presentation