New Regulation Will Drive Down Investment Fees

by Morningstar | Other

MiFID II’s unbundling of payments for investment research will prohibit asset managers from receiving research as a ‘free’ added-value service on the back of commissions paid for broker and investment banking services such as trading and execution. Instead, asset managers will be required to explicitly cover investment research costs from a separate account, or from their own profit and loss account, making the cost of research highly visible and forcing asset managers to better define and ascribe value to their research budgets.

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