JPM is more selective on European savings platforms as it resumes coverage
BUZZ-JPM is more selective on European savings platforms as it resumes coverage ** 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))