DIVERSIFIED FINANCIALS : In the Flow

Research evidence excerpt

DIVERSIFIED FINANCIALS : In the Flow

EQUITIES

DIVERSIFIED FINANCIALS

In the Flow

Sector newsflow – BLK Q2 preview, Expect strong Jun KPIs for Nordic brokers, SBI IPO22 JUNE 2026

Sector Research Report In the newsflow section, we include our update ahead of Q2 for BLK, reiterating our Outperform

Production time: 22:48* (London time) rating, supported by its continued strength in base fee growth and improved business mix. We also

Research Analysts & Publishing Entities discuss our expectation of strong June KPIs for Nordic brokers amid the SpaceX IPO, and our

Arnaud Giblat preference for Nordnet vs Avanza into Q2, partly as it is a distributor of the IPO. Finally, we mention

BNP Paribas London Branch SBI, India’s largest mutual fund company, is positioned for an early July IPO date.(+44) 203 430 8513

arnaud.giblat@uk.bnpparibas.com

Listed asset managers – ETF flows are strong, mutual fund flows vary

Gregory Simpson ETF flows are generally strong so far in June. We see DWS and Amundi outperforming, with inflows

BNP Paribas London Branch

(+44) 203 430 8548 of +€3.3bn and +€3.7bn, equivalent to +15% and +14% annualized respectively. Notably, quarterly

gregory.simpson@uk.bnpparibas.com outflows from BLK’s SPX performance tracker IVV has reversed, and its ETFs are now showing

healthy inflows of +$37bn (+9% ann.). In the mutual fund space, mixed allocation of DWS is strongNicolas Vaysselier

BNP Paribas London Branch with inflows of +€0.6bn (+13% ann.), and fixed income of Aberdeen is underperforming with outflows

(+44) 203 430 8600 of -£0.3bn (-22% ann.). Man Group has had outflows in equity MFs (-$0.3bn / -28% ann.), but its

nicolas.vaysselier@uk.bnpparibas.com

fixed income MFs are still very strong and offset the outflows in equities with inflows of +$0.4bn