Valuation & Multiples for Investment Managers

Hi,

I'm curious to know how investment management firms are valued in the context of M&A. It appears there has been a significant spike in deal flow in the past 2-3 years, but I'm wondering how these businesses are being valued (i.e. is it based on fee revenue, AUM, EBITDA?)

Thanks for any feedback!

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Valuation & Multiples for Investment Managers

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