September 15, 2017 / 3:31 PM / 10 months ago

Factbox: Asset managers' plans for handling investment research costs under EU's MiFID-II

(Reuters) - New regulations taking effect next year will force brokers in the European Union to charge clients separately for investment research, rather than bundling the cost in with trading services.

Part of a wide-ranging set of rules under the Markets in Financial Instruments Directive, or MiFID II, the regulators say the move is aimed at making European securities markets more transparent and provide better value for money for investors.

The MiFID II directive comes into force in January and leaves asset managers with a choice of whether to absorb the cost of paying for outside research or pass it on to clients.

German asset manager Union Investment and U.S. peer Invesco (IVZ.N) said they plan to pay for investment research costs themselves, after previously saying they would pass costs on to clients.

Here is a breakdown of how asset managers have decided so far to handle the matter:


Man Group’s stockpicking unit GLG $31.2 billion

Amundi Asset Management 1.12 trillion euros (June



JP Morgan Asset Management $1.87 trillion

T Rowe Price $903.6 billion

Vanguard $4 trillion (Dec 31)

Jupiter Fund Management $60.15 billion (June 30)

M&G Investments 264.8 billion pounds(Dec 31)

Unigestion $23.9 billion

Hermes Investment Management 30.1 billion pounds (June 30)

Baillie Gifford 166.6 billion pounds (June)

Woodford Investment Management 17.8 billion pounds (May 31)

BlueBay Asset Management $51.7 billion (March 31)

JO Hambro Capital Management 29.2 billion pounds

NN Investment Partners 245 billion euros(June 30)

Russell Investments $277.2 billion (June 30)

Aviva Investors 344 billion pounds(Dec. 2016)

Aberdeen Standard Investments 583 billion pounds

Newton Investment Management 55.2 billion pounds (June 30)

Majedie Asset Management 14 billion pounds

Allianz Global Investors 498 billion euros (June 30)

AXA Investment Managers 735 billion euros (June 30)

Deutsche Asset Management 711 billion euros (June 30)

BlackRock $5.7 trillion (June 30)

Union Investment 310 billion euros (June 30)

UBS Asset Management 647 billion euros (June 30)

Invesco $876.9 billion (July 31)

Schroders $536 billion (June 30)

Janus Henderson Group $345 billion (June 30)

Compiled by Noor Zainab Hussain in Bengaluru and Carolyn Cohn, Maiya Keidan and Simon Jessop in London; Editing by Susan Fenton, Greg Mahlich

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