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SECTOR FOCUS
Hope springs eternal
• Although the economic downturn has become steeper,
we look forward to a potential turn in equity markets this
year.
• This informs upgrades on a number of equity-sensitive
asset managers, with Aberdeen Asset Management and
Schroders upgraded from In Line to Outperform and
Henderson Group upgraded from Underperform to
Outperform.
• The obverse of this coin is a more cautious stance on
less equity sensitive stocks such as Man Group, which
we downgrade from In Line to Underperform.
• Other downgrades from In Line to Underperform are
Close Brothers, International Personal Finance and
London Stock Exchange.
Andrew Mitchell Will Howlett
Neil Welch
Fox-Pitt, Kelton Limited
TABLE OF CONTENTS
Executive summary .............................................................................................................5
Valuation and performance.................................................................................................9
Catalysts for the stocks.....................................................................................................11
Rating changes ..................................................................................................................13
Summary ........................................................................................................................................14
Aberdeen Asset Management .........................................................................................................16
BlueBay Asset Management ...........................................................................................................17
Close Brothers................................................................................................................................18
Henderson Group...........................................................................................................................19
ICAP...............................................................................................................................................20
Intermediate Capital ........................................................................................................................21
International Personal Finance........................................................................................................22
London Stock Exchange..................................................................................................................23
Man Group .....................................................................................................................................24
Schroders .......................................................................................................................................25
Sector summaries..............................................................................................................27
Asset management .........................................................................................................................28
Market structure ..............................................................................................................................32
Credit finance .................................................................................................................................37
UK personal financial advice ...........................................................................................................40
Companies.........................................................................................................................43
Aberdeen Asset Management Outperform ..................................................................................44
Ashmore Outperform.................................................................................................................46
BlueBay Asset Management In Line............................................................................................48
Close Brothers Underperform......................................................................................................50
Deutsche Börse Outperform........................................................................................................52
F&C Asset Management In Line..................................................................................................54
Hargreaves Lansdown Outperform..............................................................................................56
Henderson Group Outperform.....................................................................................................58
ICAP In Line ...............................................................................................................................60
IG Group In Line ........................................................................................................................62
Intermediate Capital In Line.........................................................................................................64
International Personal Finance Underperform.............................................................................66
Investec Underperform.............................................................................................................68
London Stock Exchange Underperform.......................................................................................70
Man Group Underperform .........................................................................................................72
Provident Financial Underperform...............................................................................................74
Schroders Outperform.................................................................................................................76
St. James’s Place Underperform.................................................................................................78
Tullett Prebon Outperform...........................................................................................................80
Disclosure information ......................................................................................................82
All prices as at close on 28 January unless otherwise stated
General financials
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