Standard Life - Overweight; ECB - Case for another hike; GBP strategy; Private Markets Wealth Tracker

Research evidence excerpt

Standard Life - Overweight; ECB - Case for another hike; GBP strategy; Private Markets Wealth Tracker

Gigi Sparling - Specialist Sales - European Financials AC (44-20) 7134-0355 Europe Specialist Sales J P M O R G A Nghislaine.sparling@jpmorgan.com

J.P. Morgan Securities plc 23 June 2026

Standard Life - Overweight; ECB - Case for another hike; GBP strategy;

Private Markets Wealth Tracker

Gigi Sparling

+44 207 134 0355

ghislaine.sparling@jpmorgan.com

Today: Eurozone composite PMI (9am); UK PMIs (9.30am)

4 Key Highlights Today:

1. Standard Life - Key investor debates, reiterate the Overweight

2. ECB: Case for another hike in a “mild” scenario.

3. Reinitiating GBP longs vs Eur, CHF, SEK.

4. Private Markets: Wealth Monthly from Ken Worthington.

Use the links below to jump straight to each section:

The Detailed Highlights

Post results, Newswires & Away from Us

Global Financials wrap, Trading Recap and Colour

Global Financials Research Links

Global Macro Research Links

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J.P. Morgan Financials Contacts

Standard Life - Key investor debates. Catching up with a note from Farooq published yesterday after his recent upgrade of

Standard Life to Overweight. Post the Aegon UK acquisition, the strategic rationale of the deal including substantial synergies,

scale in UK workplace pensions, and the elimination of debt leverage concerns - appears broadly understood. However, our

discussions with investors have identified three key further debates on the stock: the scale of capital returns, whether Standard

Life has a genuine "right to win" in UK retail savings, and the durability of recurring management actions underpinning cash

generation. We take a constructive view on all three - and Farooq runs through the rationale in the note. We now assume a