United Bankers

Net subscriptions in domestic funds remained at ~ 330 MEUR in September, as uncertainty in the capital market weakened sentiment. For the companies we cover, the month was subdued.

We see differentiation potential for the company's flagship products in international markets.

The most valuable assets under management is wealth tied up in high-quality, scalable products that generate good fees.

Domestic fund capital rose to a new record again in August. Although new sales were sluggish in August, the new sales for the trailing 12 months exceed 10 billion euros, which is an excellent level.

The early-year performance of asset managers was moderate, and earnings growth should accelerate clearly in the second half of the year, driven by a strong market.