Epstein Secrets

From: Richard Kahn • To: "Jeffrey E." <[email protected]> Subject: Fwd: BK: Reuters: Morgan Stanley's Fleming contacted about BNY Mellon CEO job Date: Fri, 27 Mar 2015 13:40:27 +0000 Forwarded message From: SA Breaking News Team <account@seekinga

e Mary Erdoes, who runs JPMorgan's (NYSE:JPM) asset management business and Michael Cavanagh, a former JPMorgan executive who is now COO at P-E firm Carlyle (NASDAQ:CG). • Previously: Marcato demands new leadership at BNY Mellon (Mar. 10 2015) Read comments BK price at time of publication: $39.81. Che

integration risks. Upside risks to our price objective are better than expected equity markets, performance, or flows, or an accretive acquisition. Morgan Stanley (MS) We value the brokers based on the relationship between ROE (return on equity} and PB (price to book), which has a high historical correlation. Ou

and talent risk, competition, and a unique corporate structure that limits unitholder control. The Carlyle Group (CG) Our price objective (PO) for Carlyle is $18, which implies a target price-to-ENI (P/ENI or P/E) multiple of 13x our 2017 ENI estimate. Our price objective is based on our sum-of- the-par

ests even further upside and greater conviction in our multiples for performance fee multiples, especially for those companies with less volatility (Carlyle and KKR). Exhibit 24: With a 24% tax rate on all earnings and a 22.5x FRE multiple, we see future performance fees valued at and implied 6.1x multip

l and capital markets that delays harvesting of investments and dampens returns which Lower cash earnings. Morgan Stanley & Co. International plc (“Morgan Stanley”) is cur- rently acting as financial advisor to Banco Popular Espafiol, S.A. (“Banco Popular”) in relation to its agreements with Balsam Invest- ment