Exane sees rebound in asset managers with impact in Q2 on earnings uneven

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