US Brokers and Asset Managers: Brownie Points: Three Thematic Takes From M&A Advisor Earnings this Week

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US Brokers and Asset Managers: Brownie Points: Three Thematic Takes From M&A Advisor Earnings this Week

Global Research

30 July 2026ab

US Brokers and Asset Managers Equities

AmericasBrownie Points: Three Thematic Takes From

M&A Advisor Earnings this Week Financial

Michael Brown

Analyst

mike.brown@ubs.com

Weekly "Brownie Points" publication highlights key points and emerging trends across +1-212-713 1387

asset mgr & brokers. Note, IB metrics tracked on the following pages.

Daniel Lehmann

Point 1: Three Interesting Thematic Takes from Boutique Earnings Associate Analyst

daniel-j.lehmann@ubs.com

1. M&A strong but results/commentary seem to just confirm potential to +1-212-713 2391

meet vs exceed expectations: Post 2Q prints, we continue to expect a stronger Vijeth Mudalegundi

2H but see limited upside from what is already baked into estimates. A sponsor Analyst

acceleration seems to be the wild card that could make this happen and vijeth.mudalegundi@ubs.com

commentary continues to point to more gradual activity. Post 2Q, street advisory +1-212-649 8172

estimates decreased 0.9% on average in '26. Mary Mahrer

a. Price performance: We end boutique earnings with the group down 4.4% mary.mahrer@ubs.com

since earnings started on 7/23, underperforming the broader market by +1-212-713 9014

330bps, as the median print was a 4% miss to Street estimates (PJT & MC were

the only beats this quarter).

2. Sponsor M&A continues to be gradual. Throughout earnings season thus far,

we sensed cautious optimism about a greater level of M&A activity from sponsors

but it remains a very gradual improvement story with a bifurcation in the types of

deals coming to market. The same hurdles continue to exist including valuation

gaps and market volatility.

a.