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Asset manager financial model, built free.

A three-statement Excel model for an asset manager, built from your own figures and checked to balance.

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  • Usually ready within the hour

We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

Manages funds and mandates for clients, earning management fees on funds under management and performance fees or carried interest for outperformance, often with seed and co-investments on balance sheet.

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued two ways

    Discounted cash flow and trading multiples, side by side.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours, on illustrative figures: every sheet as Excel draws it, or live.

Annual · 10 years · Low detail
Asset manager sample model.xlsx
The Summary sheet of the sample asset manager model

Illustrative figures: the sample describes no real business. The live preview shows values; your model’s Excel file has every formula.

How it works

How the model works for an asset manager.

  1. How it earns revenue3 formulas
    Investment holdings · All investees
    Market value at the end of the periodMarket value at the start of the periodNet purchases / (sales) of investmentsFair value movement
    Investment holdings · All investees
    Dividend and distribution incomeAverage market value × yearsDividend and distribution yield (per year)
    Investment holdings · All investees
    Average market value × yearsMarket value at the start of the periodMarket value at the end of the periodshare of the year
  2. What drives its costs3 formulas
    Distribution, platform and fund servicing costs · Across the business
    Distribution and fund servicing costsTransaction costsPer-fund administration feesCustody costs
    Operating expenses · Across the business
    Total FTEsOperations and deliverySales and marketingTechnologyFinance, HR and administration
    Operating expenses · Across the business
    Total average FTEsOperations and deliverySales and marketingTechnologyFinance, HR and administration
  3. What it invests in3 formulas
    Corporate fixed assets
    Capital expenditureRevenuefrom statementsCapex as % of revenueAdditional planned capex
    Corporate fixed assets
    DepreciationDepreciation of the opening asset baseDepreciation of new capex
    Corporate fixed assets
    Closing net book valueOpening net book valueCapital expenditureDepreciation
  4. How it is funded3 formulas
    Debt
    RepaymentsScheduled repaymentsPrepayments from an equity raise and the cash sweep
    Debt
    Closing balanceOpening balanceDrawdownsRepayments
    Debt
    Interest expenseOpening balanceAll-in interest rateshare of the year
  5. How profit becomes cash3 formulas
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
    Working capital
    InventoryDirect costs (positive)from statementsInventory daysDays in period
    Working capital
    Trade payablesCash operating costs (positive)from statementsCreditor daysDays in period
What it covers

24 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • CPI forecastConsensus curve with long-run anchor
  • Exchange rate (US dollar)Exchange rate by financial year
  • Operating expensesHeadcount build by function
  • Corporate costsFixed cost base indexed to CPI
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • Corporate fixed assetsStraight-line over remaining life
  • DebtAmortising term loan
  • Equity raisingDistribution reinvestment plan
  • Dividends and distributionsPayout of net profit
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • Distribution, platform and fund servicing costsPer-transaction servicing costsCosts that scale with funds under management or capital raised — trail and platform fees, placement agent fees, custody, fund administration and transaction costs borne by the manager.
  • Licence capital and liquidity requirements (non-banks)NTA and liquidity requirementMinimum capital, net tangible assets and liquid funds required of licensed non-bank firms, and the surplus available for dividends.
  • LeasesLease register
  • Compensation ratio, bonus pools and deferred awardsFixed pay plus a bonus poolFixed pay, variable bonus pools, adviser or producer payouts and deferred awards for revenue-generating financial businesses, where compensation is the largest cost and flexes with revenue.
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Case selectionStackable stress toggles
  • Value per shareTreasury-stock method
  • Enterprise value to equity bridgeNet debt at the valuation date
  • Investment holdingsMarket value growth × dividend yieldValue, income and fair-value movements of listed and unlisted investments held on balance sheet.
  • FUM flows and market movementNet flows plus market movementFunds under management or administration rolled forward from inflows, outflows, market returns and currency.
  • Management fee ratesFee rate × average FUMBase management fees earned on funds under management, commitments or invested capital.
  • Performance fees and carried interestNormalised share of base feesFees earned for outperforming a hurdle or benchmark, and carried interest on private-markets funds.
Key numbers

The numbers it tracks.

  1. 01FUM
  2. 02net flows
  3. 03average fee margin (bps)
  4. 04performance fees
  5. 05compensation ratio
  6. 06cost-to-income ratio
  7. 07EBIT margin
  8. 08EPS
Used for

What it is used for.

Also used for
  • Scenarios and sensitivities
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Every financial services model

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The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.