J.P._摩根-美股-投资策略-美国资产管理人_定位调整-2019.9.12-42页_769kb.pdf

用户上传 更多免费报告请查看研报客 North America Equity Research 12 September 2019 US Asset Managers Adjusting Asset Manager Positioning -- Moving BEN and IVZ to Neutral; Removing VCTR from Focus List We see the traditional asset managers as having grown particularly inexpensive. Brokers, Asset Managers Valuations have contracted from ~18x prior to the Financial risis to ~11x today. Exchanges Investors have recognized various challenges faced by traditional asset managers and Kenneth B. Worthington, CFA AC have driven a steep re-rating of the sector. Based on a DCF, we feel that investors have (1-212) 622-6613 priced in many risks. While we don’t see catalysts for the sector to move higher, apart kenneth.b.worthington@ from particularly strong equity markets from here, we think it challenging for Bloomberg JPMA W ORTHINGTON GO valuations to drop further unless outflows were to accelerate. We therefore move more William V. Cuddy, CFA of our ratings to Neutral and await more idiosyncratic rationale for Overweight and (1-212) 622-6454 Underweight recommendations. william.v.cuddy@ Jenny Ni