DivFin: Q226 Mark to Market and Sector Update

Research evidence excerpt

DivFin: Q226 Mark to Market and Sector Update

Deutsche Bank

Research

Europe Industry Date

Netherlands 3 July 2026

United Kingdom DivFin

Industry Update

Diversified Financials

Asset Managers

Q226 Mark to Market and Sector

Update

David McCann

We have marked to market our forecasts to Q226 quarter end, for all companies

Research Analyst

where this is relevant, and set out our expectations for the next scheduled update. +44-20-754-11564

Our forecast revisions are generally positive, given the higher market levels at the

end of June and operational leverage, but the extent depends on each company's Jonas Dohlen

Research Associate

actual exposures and the time of last mark to market.

+44-20-7541-1561

Our top pick amongst our coverage overall remains St. James's Place, driven by a

Key Changes

very strong expected medium term earnings growth story, in particular from FY27.

Company Target Price Rating

IntegraFin is our choice amongst platforms specifically, offering growth at a

265.00 to

reasonable price, with delivery of continued strong organic growth and cost ABDN.L -

270.00

delivery being key shorter term proof points. We think ICG and Bridgepoint both

145.00 to

offer strong value amongst Private Market names, albeit remain in a "bad ASHM.L -

150.00

neighbourhood", with limited scope for short term re-rating catalysts in our view.

450.00 to

Ashmore and Liontrust remain our Sells. IHPI.L 475.00 -

205.00 to

LIO.L -

Wealth 210.00

Across the sector in general, we are expecting a broadly similar flow outcome in 200.00 to

N91.L -

Q226 vs. Q126 (seasonally adjusted). We think the D2C platforms (D2C part of AJ 205.00

Bell and II within Aberdeen) will have continued to benefit from industry switching 170.00 to

QLT.L -