US Brokers and Asset Managers "Brownie Points: Euro Investor Meeting Takes"

Research evidence excerpt

US Brokers and Asset Managers "Brownie Points: Euro Investor Meeting Takes"

Global Research

26 June 2026ab

US Brokers and Asset Managers Equities

AmericasBrownie Points: Euro Investor Meeting Takes

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: European Marketing +1-212-713 1387

We met with a wide range of investors across Europe and the UK this week. Investor Daniel Lehmann

interest in wealth brokers and alternative managers remains elevated, though conviction Associate Analyst

is mixed daniel-j.lehmann@ubs.com

+1-212-713 2391

For wealth brokers, investors showed more comfort, versus US investors, around Vijeth Mudalegundi

AI-related risks and cautious optimism given solid fundamentals and attractive Analyst

valuations (perhaps our most interesting observation). vijeth.mudalegundi@ubs.com

+1-212-649 8172

In alternatives, conviction remains more cautious due to limited near term

catalysts, and downside risk to estimates. That said, investors are increasingly Mary Mahrer

identifying preferred names and entry points, suggesting sentiment may be Analyst

mary.mahrer@ubs.com

approaching an inflection

+1-212-713 9014

Point 2: JEF F2Q26 EPS and Read Throughs Cory Johnson

JEF F2Q26 EPS of $1.02 missed UBSe ($1.45) and Street ($1.14) on elevated advisory/ Associate Analyst

cory.johnson@ubs.comECM expectations following sharp estimate revisions; equities was a bright spot, with

+1-212-882 0078

share gains and strong prime brokerage supporting more durability. Given a May

quarter-end and different scale/mix, read through to peers is somewhat limited, but a

few read throughs ahead of peer results include: