Vanguard latest firm to stop charging clients for research

The $4.2trn asset manager said under the MiFID II rules, research costs would be paid out of the management fees and therefore absorbed by the firm.  Vanguard said in a statement it expects the costs of research to be less than $5m per annum.  Under MiFID II, instead of charging a variable rate for each research payment, asset managers will be forced to allocate a research budget which is charged to their account, in an attempt to increase transparency within the industry. Vanguard is not the first manager to announce it will stop passing on the cost of research to clients, with He...