European Conventional Asset Managers: Jun'26 MTM and Q2 preview – higher markets, raising earnings but valuations full

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European Conventional Asset Managers: Jun'26 MTM and Q2 preview – higher markets, raising earnings but valuations full

Equity Research

8 July 2026

European Conventional Asset Managers

Jun'26 MTM and Q2 preview –

higher markets, raising earnings

European Diversified Financialsbut valuations full

POSITIVE

Market tailwinds underpin MSD EPS increases across the sub- Unchanged

sector and support healthy YoY earnings growth expectations European Diversified Financials Michael Sanderson

for H1 but a re-rating leaves European conventional AMs fully +44 (0)20 3134 2487

valued vs. history and US peers, implying limited michael.sanderson@barclays.comBarclays, UK

upside potential. We remain OW Man Group, UW Ashmore Grace Dargan

+44 (0)20 3555 4065and Aberdeen.

grace.dargan@barclays.com

Barclays, UK

Krystal Han

Significant market tailwind to AUM growth over Q2 largely reflected in +44 (0)20 7116 1890

valuations: The strong gains in developed and emerging market equities over Q2 krystal.han@barclays.com

Barclays, UK 2026, when major indices rose >10% (Figure 12), means we forecast c.4-8% AUM

growth across our traditional AM coverage (Figure 8) over Q2 as resilient consumer Hafsa Yasir

sentiment supports broadly spread positive inflows (Figure 9) alongside the market +44 (0)20 7116 3644

effects. We forecast the greatest AUM growth to be at Ashmore as a result of EM hafsa.yasir@barclays.com

Barclays, UK strength. Given consensus expectations, Q2 reporting is likely to be supportive of

recent momentum without offering meaningful catalysts, in our view. Claudia Gaspari

+44 (0)20 3134 6039

Low- to mid-single-digit EPS upgrades into Q2 reporting with largest upgrades at claudia.gaspari@barclays.com

Man Group: Higher-than-previously-forecast AUM growth over the quarter drives Barclays, UK