Brokers, Asset Managers & Exchanges: 6 takeaways from corporate/industry contact meetings in China/Japan/Singapore

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Brokers, Asset Managers & Exchanges: 6 takeaways from corporate/industry contact meetings in China/Japan/Singapore

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Brokers, Asset Managers & Exchanges

6 takeaways from corporate/industry

contact meetings in China/Japan/Singapore

Industry Overview

Last week, we met with asset & wealth manager CEOs, regional heads within 04 June 2026

our coverage, wealth gatekeepers and roughly 100 investors in China, Japan and Equity

Singapore. Following the trip, we remain LT bullish on the LT opportunities for the US United States

online brokers (IBKR, HOOD), the US Asset Managers (KKR, BX, BLK, ARES, APO) and Brokers, Asset Managers and

TW. For the asset managers, our positive view is across the three main channels Exchanges

(institutional, insurance, retail) with the retail and insurance migrations still in the very

Craig Siegenthaler, CFA

early stages. Macro/geopolitical issues have driven fundraising challenges from some Research Analyst

segments (Chinese institutions post Liberation Day, Chinese retail given capital flow BofAS

+1 646 855 5004

limits, Japan post strong stock/FX) but most investors segments are seeking to craig.siegenthaler@bofa.com

reallocate more to the outperforming US equity market. Here are our 6 key takeaways: Michael Li >>

Research Analyst

1. Still bullish on Asia opportunity for online brokers post China crackdown last Merrill Lynch (Hong Kong) +852 3508 7381

month: 8 Chinese regulators launched an initiative in May to limit capital flows from m.li@bofa.com

Chinese residents to offshore brokers. FUTU, TIGR and Longbridge faced large fines due Emma Xu >>

to investing services provided to mainland Chinese citizens. This issue is not new as the Research Analyst Merrill Lynch (Hong Kong)