UK Financials: The John Bull case for UK Wealth

Research evidence excerpt

UK Financials: The John Bull case for UK Wealth

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UK Financials

The John Bull case for UK Wealth

Industry Overview

4 BofA Global Research teams combining views 06 July 2026

The UK is undergoing a long-term transition from a nation of savers to investors. Equity

Structural and cyclical tailwinds are converging: the multi-decade shift from DB to DC Europe

pensions, democratisation of finance and intergenerational wealth transfer are meeting Financials

recent government initiatives to address the “advice gap” and increased marketing Hal Potter, CFA >>

investment across platforms. On the back of very healthy YTD performance from the Research Analyst

platforms spurred by market volatility, company-specific developments at wealth MLI+44 (UK)20 7996 3010

managers and inorganic activity among banks, we see plenty of enticing investment hal.potter@bofa.com

opportunities. To explore these and identify the key trends shaping UK wealth, we have Perlie Mong >>

collected views across BofA Economics, Banks, Other Financials and SMID. ResearchMLI (UK) Analyst

£5.6tn wealth opportunity with 6% CAGR +44perlie.mong@bofa.com20 7996 6717

The UK has £3.6tn in invested assets and £2.1tn in cash savings; £1.2tn of this is held on Christiane Holstein >>

platforms. We expect managers and platforms to generate a 12% EPS CAGR to 2028 for Research Analyst MLI (UK)

an undemanding 15x 12m fwd PE on average, which we think presents a very attractive +44 20 7996 1011

entry point into a market with healthy structural growth. Banks focused on the market christiane.holstein@bofa.com

have the potential to materially expand their revenue mix, again at undemanding Economics Sonali Punhani

valuations. UK Economist

MLI (UK)