Asset managers set for MiFID II research price 'shock'

MiFID II, which came into force on 3 January, requires the cost of research to be unbundled from other services sold by brokers, in order to provide investors with a transparent breakdown of fees. The provision of free research from sell-side firms is no longer permitted, as this would constitute an inducement to trade. As a result, asset managers have had to reconsider what research they receive and be more selective of the research they pay for. Turnbull said asset managers' pre-2018 approach to the new requirements of doing "the minimum necessary to comply" has meant they have not ...