Multi-asset providers consider fund conversions on MiFID II fears

MiFID II rules which classify non-UCITS funds as 'complex' products could force multi-asset vehicles to change structure and restrict their investment horizons.

Many of the UK's most popular multi-manager and multi-asset ranges, including the Standard Life Investments MyFolio range, the Jupiter Merlin range, the BlackRock Consensus range, and multi-manager offerings from F&C and Schroders, are structured as non-UCITS retail schemes (NURS). As it stands, these products are captured by the proposed Markets in Financial Instruments Directive (MiFID) II changes. Asset managers hope these funds will play a key role in the pensions freedoms era, attracting the interest of both advised and non-advised clients, but the changes would mean the latter g...