Asset managers cheapest against their own PE history

Ranked

28

of 58 asset managers we cover

Median

49th pct

Lowest

3rd pct

VRTS

Range

3rd pct to 98th pct

#	Company	PE vs its 10 years	PE	Its 10y median PE	Market cap
1	VRTSVirtus Investment Partners	3rd pct	6.8×	12.8×	$790.2M
2	TROWT. Rowe Price	8th pct	10.5×	14.4×	$22.2B
3	APAMArtisan Partners Asset Management	8th pct	8.1×	12.3×	$2.7B
4	MORNMorningstar	9th pct	21.3×	39.7×	$8.4B
5	ABAlliancebernstein	12th pct	10.3×	12.0×	$3.3B
6	DLBDolby Laboratories	26th pct	26.7×	31.2×	$5.9B
7	AMPAmeriprise Financial	28th pct	11.9×	14.1×	$43.5B
8	FHIFederated Hermes	31st pct	10.6×	11.7×	$4.2B
9	RJFRaymond James Financial	31st pct	13.7×	15.1×	$30.3B
10	MCMoelis	38th pct	19.0×	22.1×	$4.3B
11	EVREvercore	39th pct	14.2×	18.1×	$9.7B
12	NTRSNorthern Trust	39th pct	14.4×	15.3×	$30.7B
13	ARESAres Management	48th pct	54.7×	55.7×	$40.3B
14	CNSCohen & Steers	49th pct	21.8×	21.9×	$3.7B
15	BXBlackstone	49th pct	26.4×	26.5×	$88.6B
16	AMGAffiliated Managers	50th pct	13.6×	13.7×	$9.9B
17	WHGWestwood	50th pct	21.7×	21.7×	$178.9M
18	HLIHoulihan Lokey	56th pct	22.0×	21.4×	$9.2B
19	HNNAHennessy Advisors	58th pct	9.7×	9.2×	$80.5M
20	KKRKKR	62nd pct	29.1×	21.4×	$82B
21	STTState Street	69th pct	14.8×	13.2×	$46.1B
22	BENFranklin Resources	71st pct	21.1×	14.2×	$15.8B
23	IDCCInterDigital	72nd pct	37.7×	23.0×	$8.4B
24	LAZLazard	77th pct	18.2×	14.3×	$4.1B
25	PFGPrincipal Financial	84th pct	15.4×	11.6×	$23.2B
26	APOApollo Global Management	89th pct	40.9×	18.2×	$66.6B
27	HASIHA Sustainable Infrastructure Capital	89th pct	67.3×	35.3×	$4.7B
28	SAMGSilvercrest Asset Management	98th pct	92.0×	15.7×	$119.9M

Not ranked: 13 with no PE (losses over the last year), 10 with under ten years of history. 7 companies whose data behind this number has a caveat are left out until it is checked.

A ranking of numbers, not a recommendation. A low multiple can be a bargain or a business in trouble: open the company to see which.