European asset managers dip in U.S. read across as AI worries extend to financials

DWS GmbH & Co KgaA

11/02/2026 10:00

** The pan-European financial services .SXFR index falls around 1.7% in a read across from U.S. brokerages' shares tumbling on Tuesday due to wealth management startup Altruist AI-enabled tax planning features, sparking disruption fears in the sector

** European peers such as Amundi AMUN.PA, DWS Group DWSG.DE, FinecoBank FBK.MI, CVC CVC.AS, Banca Generali BGN.MI fall in a range between 2% and 8%

** The U.S. selloff reflects growing investor anxiety toward legacy financial and tech firms as AI-first startups automate complex tasks that were long the exclusive domain of expensive human advisers

** A Milan-based trader flags fears of automation in brokerage services posing challenges for asset management firms

** "We see this development as entirely expected in light of advances in AI capability and recent product launches in adjacent industries," Royal Bank of Canada (RBC) says in a note

** RBC adds that, if shares keep a volatility trend, expects this to reignite the man versus machine debate in delivery of financial advice or wealth management

 (Reporting by Romolo Tosiani, Giancarlo Navach, Enrico Sciacovelli)

 ((Romolo.Tosiani@tr.com))