US Brokers and Asset Managers "Brownie Points: Highlights from the Heart..."

Research evidence excerpt

US Brokers and Asset Managers "Brownie Points: Highlights from the Heart..."

Global Research

15 May 2026ab

US Brokers and Asset Managers Equities

AmericasBrownie Points: Highlights from the Heartland

Financial

Michael Brown

Weekly "Brownie Points" publication highlights key points and emerging trends across Analyst

asset mgr & brokers. Note, IB metrics tracked on the following pages. mike.brown@ubs.com

Point 1: Themes from the road +1-212-713 1387

It was a busy week of marketing in Kansas City and Texas, followed by Schwab’s Investor Daniel Lehmann

Day in Westlake, TX. Weather and BBQ were excellent and thematically, our top two Associate Analyst

takes are: (1) interest high in alts, but sentiment still seems lukewarm, (2) AI disruption in daniel-j.lehmann@ubs.com

+1-212-713 2391

wealth highly topical and many investors seem to view concerns as overdone/

manageable. Meetings were primarily with long-only, large-cap–focused investors. Key Vijeth Mudalegundi

names discussed included APO, BX, SCHW, and BLK but also select small- and mid-cap Analyst

names such as LPLA, TPG, EVR, and JEF. Additional color: vijeth.mudalegundi@ubs.com

+1-212-649 8172

Wealth brokers: AI disruption in wealth, especially around sweep cash Mary Mahrer

economics, was central to nearly every discussion. With SCHW’s investor day late Analyst

in the week, focus was on potential levers they could flag to offset lower sweep mary.mahrer@ubs.com

revenue if AI or tokenized alternatives drive more cash sorting. Ultimately, we got +1-212-713 9014

our answer Thursday and the rollout of a cash optimization tool is not the solution. Cory Johnson

Alts: Alt managers were widely discussed. While interest is high, sentiment and Associate Analyst

cory.johnson@ubs.com