美国经纪商、资产管理公司及交易所

Benjamin Budish,CFA U.S. Brokers, Asset Managers & Exchanges Research assesses where earnings may be atrisk amidst recent market volatility. Keep reading to find out more, and subscribe to theteam's research below. NOTE: Barclays Bank PLC and/or itsaffiliatesis acting as Corporate Broker and FinancialAdviser to Assura PLC in relation to possibleoffersfrom Kohlberg Kravis Roberts & Co.Partners L.L.P. ("KKR") and Stonepeak Partners (UK) LLP ("Stonepeak") (together, the"Consortium") and from Primary Health Properties Plc. Key Takeaways •As the sector is quite capital markets-sensitive, most of the stocks under coverage have•meaningfully underperformed the market year-to-date, particularly following manyreaching all-time highs last December and/or early this year. •Ben looks into where earnings may be at risk. For thebrokers, he sees minimal•downsideto numbers, with changing rate expectations largelyoffsetby (to-date)trading activity running well ahead of expectations. •Withalternative asset managers there are many more revenue streams and•businesses to unpack. Currently, he believes management fee estimates (the highest-multiple earnings stream) are likely to remain unchanged. •He is mostpositiveonKKR.• Meet the Analyst Benjamin Budish, CFA, is a senior equity research analystcovering the U.S. Brokers, Asset Managers & Exchanges.Prior to joining Barclays, he covered Payments, Processors& IT Services, as well as Electric Utilities. Ben received anM.B.A. from the University of Notre Dame where hestudied finance and investments. View Analyst Page Barclays Research Marketing If you have any questions, please reach out to your Barclays Sales Representative or to the Barclays Research and Data Marketingteam. Caitlin Clements+44 (0) 207 116 1359Barclays, UK Amy Mignosi+ 1 646 8476395BCI, US Ronald P Lofrese+1 212 526 8405BCI, US Emilie Uzan+44 (0) 207 116 2270Barclays, UK If you have forgotten your Barclays Live password, click here to reset it. If you need assistance loggingin, email barclayslivehelp@barclays.com or contact the Help Desk:Americas:+1 866 213 2203 or +1212 412 1993 |EMEA:+44 (0) 800 917 1691 or +44 (0) 20 7773 2522 |Japan:+81 (0) 3 4530 1430 |Singapore:+65 6308 6994 Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companies coveredin its research reports. As a result, investors should be aware that the firm may have a conflict ofinterest that couldaffectthe objectivity of this report. Investors should consider this report as only asingle factor in making their investment decision. For analyst certifications and important disclosures including, where applicable, foreignaffiliatedisclosures, and the date and time when the production of each recommendation was completed andfirst disseminated, please refer to the full document(s) attached or included by hyperlink in this email.