It has been a year since the MiFID II regulations came into play, and the asset management industry has undoubtedly seen a shake-up, writes Nick Burchett is, UK equities manager at Cavendish Asset Management.
With absorbing the costs of research becoming the norm among most, the first year has been somewhat of an experiment. Up until now, research providers have had their say, being given free rein to price their research as they see fit. However, the CFA Institute has recently warned that research providers have "weathered a shake-out" as investment managers sought to "re-calibrate" their needs under the new regime. This could partly be due to market conditions. 2018 saw the worst performance of the FTSE since 2008, so to push up research costs at a time when fee income will be down would...
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