美股-金融服务业-经纪人、资产管理者与信托银行——资本市场：关键问题与争论.docx

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1、ABGlobalResearch2November2018EquitiesBrokers,AssetManagers,andTrustBanksFinancialServicesAmericasCapitalMarkets:KeyQuestions&DebatesTopicsoffocusforcapitalmarketsorientedfirmsOurKeyQuestions&Debatesdocumentprovidesquestionsandtopicsoffocusforfirmsinourcoverageuniverse.Thecentr

2、alideaistoprovideinvestorswithasinglesourceofquestionsformeetingswithmanagementorindustryconferences.Thisquarterlyreportisorganizedbysub-sectorandincludesquestionsforthebrokers,discountbrokers,trustbanks,assetmanagers,M&Aboutiquesandalternativeassetmanagers.BrennanHawken,CPAA

3、nalystbrennan.hawken@ubs.com+1-212-7139439BrentDiltsAnalystbrent.dilts@ubs.com+1-212-7131841AdamQ.Beatty,CFAAnalystadam.beatty@ubs.com+1-212-7132481www.ubs.com/investmentresearchThisreporthasbeenpreparedbyUBSSecuritiesLLC.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE50

4、.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.TableofConten

5、tsBrokersGoldmanSachs(GS)3MorganStanley(MS)6DiscountBrokersCharlesSchwab(SCHW)9TDAmeritrade(AMTD)11E*TRADEFinancial(ETFC)13TrustBanksBankofNewYorkMellon(BK)15NorthernTrust(NTRS)18StateStreet(STT)21AssetManagersBlackRock(BLK)24FranklinResources(BEN)28Invesco(IVZ)30T.RowePrice(T

6、ROW)33WisdomTree(WETF)35M&ABoutiquesEvercorePartners(EVR)37Greenhill&Co.(GHL)39HoulihanLokey(HLI)40Lazard(LAZ)41Moelis&Co.(MC)43AlternativeAssetManagersApolloGlobalManagement(APO)44AresManagement(ARES)46CarlyleGroup(CG)47Brokers,AssetManagers,andTrustBanks2November2018AB554Gol

7、dmanSachs(GS)Marketconditions:IBDNotsurprisingtoseethebacklogpullbackfrom2Q18,howhasthevolatilityQTDimpactedit?Also,somehaveindicatedtradetensionscouldbegintoweighonM&Aiftheydonotfade,doyouhaveadifferentview?ThemarketseemstoassumewearelateintheM&Acycle,aretherereasonswhyyouthi

8、nkthatisamistake?WhydoyouthinkUSvolumeshavestruggledtogetabov