JPM resumes coverage of European savings platforms, more cautious on UK wealth managers

J.P. Morgan cites regional macro divergence affecting flows and retail trading as it resumes coverage of selected European savings platforms and stock exchanges, saying the UK fiscal backdrop and high inflation/interest rates are typically more detrimental to UK net flows than Italy or Nordics. It flags St. James's Place sentiment and adviser growth may be pressured, and favours Fineco, Mediolanum and Nordic platform Nordnet.