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