European Asset Management: UK H126 preview: reiterate Man Group as top pick into results

研报英文原文证据摘录

European Asset Management: UK H126 preview: reiterate Man Group as top pick into results

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European Asset Management

UK H126 preview: reiterate Man Group as

top pick into results

Price Objective Change

7-8% EPS upgrades driven by stronger markets 01 July 2026

We expect a strong half across UK asset managers given positive equity markets driving Equity

net new money growth. Our top pick is Man where we see re-rating potential on 8x Pan-Euro

2027E PE given upside from marking-to-market, improving flow momentum, and capital Other Financials

optionality from strong performance fees. We have Underperform ratings on ABDN and Hubert Lam >>

ASHM trading on 14x and 21x 2027E PE, respectively. See Exhibit 1 for our PO changes, Research Analyst

which reflect higher EPS estimates; there is no change to our target multiples. MLI+44 (UK)20 7996 7112

hubert.lam@bofa.com

Man Group (Jul 28th): strong flow/performance fee outlook Christiane Holstein >>

Man’s EPS rises 18% in 2026 and 8% in 2027-28 for stronger performance fees and ResearchMLI (UK) Analyst

higher AUM from markets/flows. We expect flows to rebound in Q226 to $2.4bn (4% christiane.holstein@bofa.com

ann.) after outflows in Q126 from a one-off mandate loss, driven by strong returns Conor Callaghan >>

Research Analyst

across long-only (credit, systematic equities) and liquid alternatives. Due to resilience in MLI (UK)

the latter, we expect fee margin to remain stable with the exit rate at 52bps. We raise conor.callaghan@bofa.com

our 2026 performance fee estimate to $603m from $470m with ~30% accrued in H126

driven by multi-strategy 1783, AHL Alpha and Institutional Solutions, despite weakness

in AHL Evolution. We expect core PBT margin of 36% in H126 and 38% in 2026 if