GS Asset Management Bernardo I Can Value it Martinez Jorge Data Entry Rohana Simran Slave Driver Singh Alejandro Garda Stein Case Background Opportunity Risks and Concerns Valuation Conclusions GS Asset Management Asian Crisis Pre-crisis conditions Crisis International Monetary Fund Case Background Thailand Asset Management Industry in Thailand Financial Services Restructuring Authority (FRA) Opportunity BEB GS Asset Management Background Goal Background Stockholders Position (FRA) Strategy GS Asset Management 4 th Largest fund in Thailand Ownership (foreign 35% and domestic 65%) Two shareholders suspended (40%) Past performance (lack of commitment) Projections & Cost cutting Risks and Concerns Different Sources of Risk Country Risks Economic Political Financial Company Specific Risks Concerns Valuation Assumptions Methodology Cost of Capital Calculation Valuation Results Conclusions Very difficult to value opportunities under crisis conditions Cost of Capital ? Turnaround? Buying cheap? Q & A What Happened BEB decided not to buy the 25% of the GSAM Post crisis Thai market conditions and currency Other Stockholders Asset Management Industry after the crisis New funds launched by GSAM