US Brokers and Asset Managers: Europe Hot but Stock Sentiment Still Warming Up; Key Takes From Our June Euro Tour

研报英文原文证据摘录

US Brokers and Asset Managers: Europe Hot but Stock Sentiment Still Warming Up; Key Takes From Our June Euro Tour

Global Research

26 June 2026ab

US Brokers and Asset Managers Equities

AmericasEurope Hot but Stock Sentiment Still Warming

Up; Key Takes From Our June Euro Tour Financial

Michael Brown

Analyst

mike.brown@ubs.com

Top Takeaways from Europe Meetings (Milan, Zurich, Geneva, London) +1-212-713 1387

We met with a wide range of investors across Europe and the UK this week. Interest in Vijeth Mudalegundi

wealth brokers and alternative managers is still high but conviction is mixed. Analyst

vijeth.mudalegundi@ubs.com

For wealth brokers, investors showed more comfort, versus US investors, around AI- +1-212-649 8172

related risks and cautious optimism given solid fundamentals and attractive valuations Mary Mahrer

(perhaps our most interesting observation). On the alt side, interest is high but Analyst

conviction remains low due to a lack of near-term catalysts, continued weak data points, mary.mahrer@ubs.com

and risk to consensus estimates. That said, investors are starting to zero in on preferred +1-212-713 9014

names and entry points, suggesting timing to get more constructive may be getting Cory Johnson

closer. Associate Analyst

cory.johnson@ubs.com

+1-212-882 0078

Bottom line: Europe facing a heat wave, but sentiment for asset manager and broker

stocks remains luke warm/warming up. Daniel Lehmann

Associate Analyst

daniel-j.lehmann@ubs.com

Sentiment +1-212-713 2391

Engagement was broad, with SCHW, LPLA, BLK, BX, APO, JEF, and TPG coming up most

often.

For wealth brokers, sweep cash risk is still a key topic (like in the U.S.), but concerns are

more muted. Investors seem more comfortable with firms’ ability to manage through or

adapt.