BofAML sees analyst exodus as MiFID rules hit research departments

Moving to asset management houses

Around a fifth of analysts from Bank of America Merrill Lynch's (BofAML) London office have left to join asset management houses as MiFID II rules hit research consumption.

At least 24 analysts from its 130-strong UK research team have left the US bank, including seven senior analysts, pushing the average turnover from 15% to closer to 20%, according to the FT. The departures come as firms get used to new legislation implemented through MiFID II in January this year, which means only those specifically paying for research can access it. Before this, banks and brokers could 'bundle' research with the fee charged to asset managers for executing trades. Stephanie Bothwell, head of European chemicals research at BofAML, is leaving to join BlackRock's Europea...