European Diversified Financials: What You May Have Missed

研报英文原文证据摘录

European Diversified Financials: What You May Have Missed

Roundup |

European Diversified Financials

What You May Have Missed 20 Jul 2026 06:24:15 ET

ACWestern Europe Nicholas Herman

Focus +44-20-7986-4203

Andrew Lowe, CFA ACPartner’s Group AUM update; strong fundraising offset by weaker-quality flows

and slightly softer AUM, focus on guidance for redemptions and performance - +44-20-7986-4042

AUM of $186bn was 1% below consensus, while evergreen and mandate inflows Hannah Leivdal

accounted for just 52% of total inflows versus c75% historically. Management

+44-20-7500-4475

reiterated FY26 client demand guidance but flagged higher tail-downs, weaker

performance and ongoing evergreen redemptions. The shares were down 6% on

the day. We continue to see risks to future flow expectations and therefore remain

cautious on the medium-term growth outlook. See our full note here.

EQT results; strong fundraising and headline beat albeit lower quality mix -

EQT’s H1 2026 earnings call was notably positive, although we think part of the

share price reaction reflects cautious investor positioning. While we still see 1H26

beat as lower quality, equally, management’s updated guidance suggests mid-to-

high single-digit upside to consensus FY27 EBITDA and mid-teens upside to FY28,

driven by higher performance-related earnings (PRE), particularly non-cash

investment income. That said, we expect investors to remain somewhat sceptical

given management’s guidance assumes “continued performance,” despite the

exceptionally strong investment income and valuation gains delivered in 1H26

against a still-challenging backdrop. See our initial take here and post-call note

here.

SJP adviser departures - The FT reported on 16 July that Prospera Wealth