Solid long-term track record in fixed-income products Strong organic growth, driven primarily by sustained net inflows Concentrated in fixed-income products Several large funds make up a sizable portion of total assets under management (AUM) We expect leverage to be around 1.6x-1.8x in 2017 and 2018 Strong liquidity underpinned by substantial excess cash and good cash flow generation The stable outlook on Clipper Acquisitions Corp. reflects S&P Global Ratings' expectation for Clipper to maintain leverage of 1.6x-1.8x, comfortably below our 2.0x threshold for a downgrade. If leverage increases above 2.0x on a sustained basis, we could lower the ratings. Furthermore, if we observe sustained net outflows or a significant deterioration in investment performance, we could also lower the ratings. We could
