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(Sharecast News) - Barclays has downgraded its ratings of asset managers Jupiter and Liontrust, saying flows for firms UK and European are still underwhelming despite markets performing well.
The investment bank cut its stance on Jupiter from 'equal weight' to 'underweight' and cut the target for the shares from 88p to 85p, while Liontrust was lowered to 'equal weight' from 'overweight', with the target dropping from 1,000p to 760p.
Intermediate Capital Group (rated 'overweight') remains the bank's top pick in the sector as "fundraising across its strategies (flagship and new) remains strong". Barclays hiked its target price for ICG from 2,185p to 2,450p.
Meanwhile, Man Group (rated 'equal weight'), "is expected to see the greatest assets-under-management growth over Q1". Man Group's target price was lifted from 290p to 300p.
Abrdn was left at 'underweight' with its target cut from 160p to 145p, while Ashmore stayed at 'equal weight' with its target reduced from 230p to 225p.
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