Brokers, Asset Managers & Exchanges: QUESTION: Prepping for BofA Diversified Fins Month/C-suite Week; Buy ARES/HOOD

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Brokers, Asset Managers & Exchanges: QUESTION: Prepping for BofA Diversified Fins Month/C-suite Week; Buy ARES/HOOD

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Brokers, Asset Managers & Exchanges

QUESTION: Prepping for BofA Diversified

Fins Month/C-suite Week; Buy ARES/HOOD

Industry Overview

Question lists are partially formed from investors inbound 13 May 2026

Our question lists focus on the key investor conversation topics and themes: (1) Alt Equity

fundamentals including investing/realizations (BX, KKR, TPG, CG) and IPO pipelines United States

(NDAQ, ICE); (2) Competition in wealth management including on cash sweep (AMP, Brokers, Asset Managers and

LPLA, RJF, SCHW); (3) Retail engagement and secular growth at online brokers (HOOD, Exchanges

IBKR, SCHW, VIRT); (4) Alt private wealth flows including private credit (APO, ARES, BX, Craig Siegenthaler, CFA

KKR, OWL); (5) Fixed income e-trading/ETFs (BLK, ICE, MKTX, TW). Key LT themes: Research Analyst

Privates in 401ks, tokenization is mutual fund 3.0, AI adoption/disruption. BofAS+1 646 855 5004

craig.siegenthaler@bofa.com

LT bullish on Alts; Enhanced buying opp today Eli Abboud

Our proprietary data trackers (Alts Examiner, Retail Alts Calculator) are pointing towards ResearchBofAS Analyst

softer fundamentals in 2Q26 across investing/realizations (returns stronger in 2Q) but +1 646 855 5791

eli.abboud@bofa.com

the key secular drivers are still intact (insurance, general partner consolidations, retail—

Kareem Seif

supported by our RIA Survey). The 2H25 M&A and IPO recovery was delayed due to the Research Analyst

Iran conflict and related inflation may prevent NT Fed cuts (good for brokers/bad for BofAS

+1 646 855 5759

asset managers). Additionally, Alt valuations are depressed given slowing FRE growth, a kareem.seif@bofa.com