JPM is more selective on European savings platforms as it resumes coverage

Aberdeen

30/09/2026 09:10

** J.P. Morgan points to macroeconomic divergence between regions with its implications for flows, customer growth and retail trading activity as it resumes coverage of selected European savings platforms and stock exchanges
** JPM is "more cautious" on UK wealth managers, expecting fiscal backdrop to impact households' investments and risk appetite
** It also says high inflation and interest rates are typically more detrimental to UK asset gatherers' net flows vs those in Italy or Nordics
** It flags that for St. James's Place, that challenging backdrop could weigh on investor sentiment and adviser growth
** JPM favours Fineco and Mediolanum, supported by Italy's savings industry, limited competition, benign regulatory environment
** The bank also favours Nordic platforms, particularly Nordnet due to the region's stability
     
COMPANY
RATING
PT
LSEG LSEG.L 
Overweight
£10,600
Deutsche Boerse DB1Gn.DE 
Overweight
€345
Euronext ENX.PA 
Neutral
€171
TP ICAP TCAPI.L
Overweight
£461
St James's Place SJP.L 
Neutral
£1,381
Quilter QLT.L 
Overweight
£227
Aberdeen Group ABDN.L 
Neutral
£267
FinecoBank FBK.MI 
Overweight
€29.00
Banca Mediolanum BMED.MI 
Overweight
€28.00
Avanza Bank AVANZ.ST 
Neutral
SEK 408.20
Nordnet SAVE.ST 
Overweight
SEK 401.00

(Reporting by Ronan Corcoran in Gdansk)
((ronan.corcoran@thomsonreuters.com))