Miton bucks trend on MiFID II research costs

Attributing fees to fund range

Miton is going against the herd by attributing research costs to its range of eleven open-ended funds, following the implementation of MiFID II in January.

The group, which has over £3.5bn under management, has begun writing to wealth managers and clients to explain its strategy, which formalises an approach it has been using for the last two years. During this period, it has had a formal set budget for external research costs, which varies according to a fund's particular strategy. Going forwards, each fund will continue to have a budget as the group does not want to restrict the use of research purely on a cost basis if they think it adds value to investors. Miton chief executive David Barron said: "We think having a specific charg...