European Diversified Financials: What You May Have Missed

Research evidence excerpt

European Diversified Financials: What You May Have Missed

Roundup |

European Diversified Financials

What You May Have Missed 10 Jul 2026 14:22:41 ET

ACWestern Europe Andrew Lowe, CFA

Focus +44-20-7986-4042

Negative sentiment around retention at St. James’s Place driving share price AC Nicholas Herman

underperformance – A Financial News article (10 Jul 26) reported that Sovereign

+44-20-7986-4203

Wealth, one of SJP’s largest partner firms (£3bn AUM and >50 financial advisors)

is in the process of joining Söderberg & Partners (which also bought Schroder’s Hannah Leivdal

financial planning arm Benchmark Capital earlier this week, see Private Equity +44-20-7500-4475

News article, 7 Jul 26). Additionally, Citywire reported (9 Jul 26) that SRB Financial

Planning, another SJP partner firm (£250m AUM), has left for Quilter.

1H26 flatexDEGIRO preview – Strong June statistics and upgraded FY26 guidance

reinforce the positive earnings outlook. We raised our FY26 EPS estimate by 2%

and expect a strong Q2 result, supported by healthy customer activity, net inflows

and resilient trading revenues. We forecast €665m of FY26 revenue versus

guidance of €650m, while securities lending in Germany could provide an

additional c10% EPS tailwind over time with limited incremental costs.

1H26 European alternative asset managers preview – AI disruption and

geopolitical uncertainty continue to weigh on activity and growth expectations,

supporting our cautious view on the sector, particularly for managers with weaker

fundamentals and downside risk to earnings estimates. Top picks: BPT/CVC. Most

below: EQT/PGHN. Adding downside catalyst watch to EQT into results, and

PGHN moved to Neutral/High Risk rating.

1H26 European traditional asset managers preview – Operating trends remain