European Capital Markets

This report analyzes key trends across European Capital Markets, highlighting a difficult fundraising environment for alternative managers and intensifying competition for retail investment platforms. Consequently, several downgrades are issued for stocks with expensive valuations, including AJ Bell and DWS.

Key Takeaways

• 1.European passive equity funds are seeing record net inflows in 2026, driven by a broadening retail investor base and ETF savings plans.
• 2.Private equity fundraising faces a fourth consecutive year of decline, but large, scaled managers are capturing a greater share of available capital.
• 3.AJ Bell and DWS are downgraded to Sell due to stretched valuations and increased competitive pressures.

Table of Contents

• Key themes we are watching across Capital Markets
• AJ Bell: Recent share price outperformance leaves valuation at a demanding premium; downgrade to Sell
• DWS Group: Strong execution reflected in valuation, with emerging weakness in core flow drivers; downgrade to Sell
• Aberdeen Group: Downgrading to Neutral following outperformance
• DivFins: Upside/downside to price targets and key macro datapoints
• Alternative Asset Managers: Latest data points and insights
• Market Structure: Latest data points and insights
• Retail Investment Platforms: Latest data points and insights
• Traditional Asset and Wealth Managers: Latest data points and insights
• Estimate changes, valuations and risks
• Price performance and consensus earnings revisions
• Disclosure Appendix

Document Preview

Page 1 of 5

Subscribe for full accessStart Free Trial