Factbox: Asset managers' plans for handling investment research costs under EU's MiFID-II
20/11/2017 13:47
(Adds Generali Investments)
Nov 20 (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 II, 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.
Asset managers Janus Henderson JHG.N , Schroders SDR.L ,
Invesco IVZ.N , Man Group EMG.L and Union Investment have said
they plan to pay for investment research costs themselves, after
previously saying they would pass costs on to clients.
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Following is a breakdown of how asset managers have decided so
far to handle the matter:
FUNDS PASSING ON COST TO CLIENTS ASSETS UNDER MANAGEMENT
Amundi Asset Management 1.12 trillion euros (June 30)
Deka 270 billion euros
Fidelity International $303.3 billion (June 30)
FUNDS ABSORBING COST ASSETS UNDER MANAGEMENT
Aberdeen Standard Investments 583 billion pounds
Allianz Global Investors 498 billion euros (June 30)
Artemis Investment Management $35.4 billion (Sept. 29)
Aviva Investors 344 billion pounds(Dec. 2016)
AXA Investment Managers 735 billion euros (June 30)
Baillie Gifford 166.6 billion pounds (June)
Barings $288 billion (June 30)
BlackRock $5.7 trillion (June 30)
BlueBay Asset Management $51.7 billion (March 31)
Deutsche Asset Management 711 billion euros (June 30)
GAM Holding CHF 148.4 billion (Sept 30)
Generali Investments 460 billion euros (Sept 30)
Goldman Sachs Asset Management Over $1 trillion
Hermes Investment Management 30.1 billion pounds (June 30)
HSBC Global Asset Management $413.4 billion (December)
Invesco $876.9 billion (July 31)
Janus Henderson Group $345 billion (June 30)
JO Hambro Capital Management 29.2 billion pounds
JP Morgan Asset Management $1.87 trillion
Jupiter Fund Management $60.15 billion (June 30)
M&G Investments 264.8 billion pounds(Dec 31)
Majedie Asset Management 14 billion pounds
Man Group $32.9 billion (Sept. 30)
Newton Investment Management 55.2 billion pounds (June 30)
NN Investment Partners 245 billion euros (June 30)
RAM Active Investments $4.9 billion (August 31)
Russell Investments $277.2 billion (June 30)
Schroders $536 billion (June 30)
SVM Asset Management 593 million pounds(August)
T Rowe Price $903.6 billion
UBS Asset Management 647 billion euros (June 30)
Unigestion $23.9 billion
Union Investment 310 billion euros(June 30)
Vanguard $4 trillion (Dec 31)
Vontobel Asset Management 101 billion Swiss francs (Dec)
Woodford Investment Management 17.8 billion pounds (May 31)
($1 = 0.7552 pounds)
($1 = 0.9910 Swiss francs)
($1 = 0.8493 euros)
(Compiled by Noor Zainab Hussain in Bengaluru and Carolyn Cohn,
Maiya Keidan, Simon Jessop and Helen Reid in London; editing by
Jason Neely)
((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