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Additional costs by MiFID II – Fund managers want to take over research costs News

Saturday, September 9th, 2017 | Economy

So far, most of them assume the costs instead of passing them on to the customers. The revision of the European Union Directive on Markets in Financial Instruments (MiFID II), which aims to make markets more fair and transparent, forces asset managers to pay separately for research and commercial services they receive from banks. According to the supervisory authorities, this would ensure that they act in the best interest of their customers rather than being lured by the provision of free analysis material.
Only a fraction of the approximately 4,000 asset managers active in Europe have publicly declared what they are going to do. Larger companies are showing a willingness to take over the cost of analyst reports, reflecting their financial strength and the desire to avoid additional administrative work. Jupiter Asset Management, which manages $ 61 billion, expects to spend some £ 5 million (€ 5.47 million) a year on research from other companies. The Vanguard Group estimates that the analysis will cost the company less than $ 5 million a year.
Companies wishing to take over the research costs:
Aberdeen Asset Management (managed capital of 403 billion dollars) *
Allianz Global Investors (USD 594 billion)
Baillie Gifford ($ 217 billion)
Brooks MacDonald ($ 14 billion)
Blue Bay ($ 52 billion)
Charles Stanley ($ 26 billion)
Hermes ($ 39 billion)
M & G (368 billion dollars)
JPMorgan Asset Management ($ 1.9 billion)
J. O. Hambro Capital Management ($ 38 billion)
Jupiter ($ 61 billion)
Kempen (58 billion dollars)
NN Investment Partners ($ 293 billion)
Nomura Asset Management ($ 435 billion)
Northern Trust (1 Bio Dollar)
Rathbone (48 billion dollars)
Robeco (175 billion dollars)
Russell Investments ($ 277 billion)
TwentyFour Asset Management ($ 13.2 billion)
T Rowe price (904 billion dollars)
Unigestion ($ 24 billion)
Vanguard (4.4 trillion dollars)
Woodford Investment Management ($ 23 billion)
* Number for Aberdeen Asset Management as of March 31 prior to merger with Standard Life
Companies that want to pass on the costs to their customers:
Amundi ($ 1.3 trillion)
Carmignac ($ 73 billion)
Invesco (877 billion dollars) **
Man Group ($ 96 billion)
Schroders ($ 546 billion)
Union Investment (370 billion dollars)
** Invesco says that the preference is to charge the costs to the customer, but the decision is subject to legal and regulatory issues that need to be resolved.


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