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Strategic Analysis AUGUST 2008 Nowhere to Hide MA and Capital Markets Activity in Global Fund Management, First Half 2008 As the credit crunch mushroomed into resurgent inflation and a global bear market for Jefferies equities, the resulting storm rocked asset managers and financial technology firms, Putnam Lovell although few have yet suffered as much as subprime-shipwrecked banks. Transaction A division of activity in both sectors understandably cooled from recent torrid levels. Current market conditions are weakening, but not erasing, buyer interest in the asset management industry, Jefferies Company, Inc. which investors continue to appreciate more than other financial services. And the ranks of sellers will swell as a number of bloodied conglomerates, clinging to the frayed end of their decimated balance sheets, auction off their fund management operations. Jefferies Putnam Lovell Senior Bankers • Prices for privately held fund managers have followed their quoted counterparts downward, cheering opportunistic buyers. But more draconian discounts on Aaron H. Dorr performance-based earnings explain the widening range of multiples paid