(Reuters) - French asset manager Amundi (AMUN.PA) no longer plans to ask clients to pick up the bill for external investment research when new European Union rules come into force in January, a spokesman said on Monday.
The MiFID II directive leaves asset managers with a choice of whether to absorb the cost of paying for outside research or pass it on to clients.
“In the context of MiFID II implementation, and given the consensus, Amundi has decided to absorb into its P&L the costs of external research,” the spokesman said.
Germany’s Union Investment, Britain’s Schroders (SDR.L) and U.S. peers Invesco and Janus Henderson (JHG.N) in recent months have all changed tack and chosen to absorb the costs rather than pass them on.
Amundi had assets under management of 1.4 trillion euros (£1.23 trillion) as of Sept 30.
Reporting by Noor Zainab Hussain in Bengaluru; editing by Jason Neely