Exane sees rebound in asset managers with impact in Q2 on earnings uneven
04/07/2025 11:11
** Exane sees an uneven impact in Q2 on earnings and TP for asset managers, although noting a robust rebound in markets
** It sees the sector potentially benefiting from European stimulus, improving risk appetite from lower interest rates and a growing interest in non-US markets, but says data has remained lacklustre for now
** The brokerage names asset managers BlackRock BLK.N as a top pick saying it has upside from exchange traded funds, technology and ongoing improvements in performance
** It also names Schroders SDR.L as a top pick saying it has improved in fund performance, costs as well as wealth/private market exposure
** Exane downgrades DWS DWSG.DE to "underperform" citing risks and challenges to growth beyond 2025 as well as Aberdeen ABDN.L ("underperform"), seeing base free growth as negative for the group as a whole
| COMPANY | RATING | OLD RATING |
| BlackRock BLK.N | Overperform | Overperform |
| Schroders SDR.L | Overperform | Overperform |
| DWSDWSG.DE | Underperform | Hold |
| Aberdeen ABDN.L | Underperform | Hold |
| Man Group EMG.L | Neutral | Neutral |
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