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1、ABGlobalResearch8February2019EquitiesBrokers,AssetManagers,andTrustBanksFinancialServicesAmericasCapitalMarkets:KeyQuestions&DebatesTopicsoffocusforcapitalmarketsorientedfirmsOurKeyQuestions&Debatesdocumentprovidesquestionsandtopicsoffocusforfirmsinourcoverageuniverse.Thecentra
2、lideaistoprovideinvestorswithasinglesourceofquestionsformeetingswithmanagementorindustryconferences.Thisquarterlyreportisorganizedbysub-sectorandincludesquestionsforthebrokers,discountbrokers,trustbanks,assetmanagers,M&Aboutiquesandalternativeassetmanagers.BrennanHawken,CPAAna
3、lystbrennan.hawken@ubs.com+1-212-7139439BrentDiltsAnalystbrent.dilts@ubs.com+1-212-7131841AdamQ.Beatty,CFAAnalystadam.beatty@ubs.com+1-212-7132481www.ubs.com/investmentresearchThisreporthasbeenpreparedbyUBSSecuritiesLLC.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE50.UB
4、Sdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.TableofContentsBr
5、okersGoldmanSachs(GS)3MorganStanley(MS)6DiscountBrokersCharlesSchwab(SCHW)9TDAmeritrade(AMTD)11E*TRADEFinancial(ETFC)13TrustBanksBankofNewYorkMellon(BK)15NorthernTrust(NTRS)18StateStreet(STT)21AssetManagersBlackRock(BLK)24FranklinResources(BEN)28Invesco(IVZ)30T.RowePrice(TROW)3
6、3WisdomTree(WETF)35M&ABoutiquesEvercorePartners(EVR)37Greenhill&Co.(GHL)39HoulihanLokey(HLI)40Lazard(LAZ)41Moelis&Co.(MC)43AlternativeAssetManagersApolloGlobalManagement(APO)44AresManagement(ARES)46CarlyleGroup(CG)47GoldmanSachs(GS)Strategicreview&1MDBUnderstandingthatyouareint
7、heprocessofreviewingthebusiness,youindicatedonthe4QearningscallthatyouareawareofthecompressionoftheFICCindustrywallet.WhatkindsofchangesdoyouthinkyouneedtomaketotheFICCbusiness?Whatkindofcostsavescouldyouwringoutifyouchoosetoshrinkit?Howmuchcapitalcouldbefreedupbyshrinkingit?So
8、youindicatedthatclientsbroadlyhavenothadanegativereact
