Factbox: Asset managers' plans for handling investment research costs under EU's MiFID-II
02/10/2017 17:39
(Adds Goldman Sachs Asset Management)
Oct 2 (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 providing 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. urn:newsml:reuters.com:*:nL5N1KX4KH
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Asset managers Janus Henderson JHG.N , Schroders SDR.L ,
Invesco IVZ.N and Union Investment have said they plan to pay
for investment research costs themselves, after previously saying
they would pass costs on to clients. urn:newsml:reuters.com:*:nL5N1LW40D
Here is a breakdown of how asset managers have decided so far
to handle the matter:
FUNDS PASSING ON COST TO CLIENTS ASSETS UNDER MANAGEMENT
Man Group's stockpicking unit GLG $31.2 billion
Amundi Asset Management 1.12 trillion euros (June 30)
Deka 270 billion euros
FUNDS ABSORBING COST ASSETS UNDER MANAGEMENT
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)
SVM Asset Management 593 million pounds (August)
HSBC Global Asset Management $413.4 billion (December)
Barings $288 billion (June 30)
Goldman Sachs Asset Management Over $1 trillion
($1 = 0.7540 pounds)
($1 = 0.8518 euros)
(Compiled by Noor Zainab Hussain in Bengaluru and Carolyn Cohn,
Maiya Keidan, Simon Jessop and Helen Reid in London; Editing by
Alexander Smith, Susan Fenton and Mark Potter)
((noor.hussain@thomsonreuters.com; Within UK +44 20 7542 1810;
Outside UK +91 80 6749 2764; Reuters Messaging:
noor.hussain.thomsonreuters.com@reuters.net))
Keywords: EUROPE ASSET MANAGEMENT/RESEARCH