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1、5November2019USAssetManagers&EquityResearchAmericasBrokersManagementQuestionsResearchAnalystsCraigSiegenthaler,CFA212-325-3104craig.siegenthaler@credit-suisse.comGautamSawant,CFA212-325-3422gautam.sawant@credit-suisse.comDISCLOSUREAPPENDIXATTHEBACKOFTHISREP
2、ORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofint
3、erestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.AssetManagerGeneralIndustryQuestionsThoughtsonindustryconsolidation–organicandM&A?Interestinacquisitions,bolt-ons,lift-outs?Pro
4、ductholes?Newgeographies?ConsolidationThoughtsontransformationaltransactionslikeJanus/Henderson,Invesco/Oppenheimer,andBrookfield/Oaktree?UpdateonDOLRule(vacated),SECFiduciaryRule(RegBIeffectiveonJune30,2020),MiFID2(EU),MiFID2migrationtoUS,FCARegulationsRevi
5、ew(UK)Strongest/weakestgrowthprospectsforwhichproductsegmentsoverthenextfiveyears?Strongest/weakestgrowthprospectsforFlowswhichgeographiesoverthenextfiveyears?Strongestcompetitors?Productmixshift?HowwillindustryfeereductionsandcutsinUSMFclassesaffectETFsanda
6、lternativepricing?Whatisthesizeandaffectofpressureonotherlong-onlyassetmanagers.Howdoyourincrementaloperatingmarginscomparetoyourcurrentmargins?Aretheycurrentlydepressedbyhigherrequirementstoinvestintechnology,distribution,legal?Whereareyourmaininvestmentdol
7、larsbeingallocated?HowdoyouExpenses/Investingevaluatethesuccessofyourinvestments(IRR,payback...)?Whatisthelong-termoperatingmarginpotentialofyourbusiness?Wherecouldthemargintrendinaseverebearmarket?Updateonpassive/ETFadoptionintheUSandEurope?Thoughtsonthegro
8、wthofsmartbeta?Thoughtsonafuturesemi-ETFstransparentETFmodel(likePrecidian’sActiveShares)?HowdoETFscomparewiththecleanerUSMFclasseslikeIorR6mutualfundforlong-terminvestors?WillETFsbeassuccessful
