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FACTBOX-Asset managers' plans for handling investment research costs under EU's MiFID-II
September 14, 2017 / 1:50 PM / in 2 months

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

 (Adds AXA Investment Managers, Deutsche Asset Management and
BlackRock)
    Sept 14 (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.


    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
 Janus Henderson Group               $345 billion (June 30)
 Schroders                           $536 billion (June 30)
 Amundi Asset Management             1.12 trillion euros (June
                                     30)
 Union Investment                    310 billion euros (June
                                     30)
 Invesco                             $876.9 billion (July 31)
 
 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)
 ($1 = 0.7723 pounds)
($1 = 0.8396 euros)

 (Compiled by Noor Zainab Hussain in Bengaluru and Carolyn
Cohn, Maiya Keidan and Simon Jessop in London; Editing by Greg
Mahlich and Mark Potter)
  

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