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Alternative Market Briefing

Survey: MiFID II is driving global standards for research unbundling

Tuesday, June 12, 2018

Bailey McCann, Opalesque New York:

A global poll of 418 fund managers representing over $30trn in AUM reveals research unbundling is expanding to the US and Asia. The trend is mostly seen as positive for end investors, although bad for brokers, while smaller companies are expected to be more negatively affected.

The survey, released by RSRCHXchange reveals a consensus view that unbundling is going global. 83% of respondents in the US think unbundling will take effect within the next four years and 53% of respondents in Asia expect it to take effect within two years. The smallest firms believe that change will come through regulation, whereas those in the largest firms believe it will be global compliance policies that will be the root cause of the global proliferation.

Attitudes to unbundling in Europe are generally negative but most respondents believe that it is positive for end investors, although negative for research providers and mixed for asset managers themselves. 78% of respondents within Europe thought unbundling was bad for brokers where as 53% felt it was a good thing for investors.

So far, research is being offered at a low price as any added fee related to investing now comes under almost immediate pressure from investors. However, investors note that the quality of research could suffer as a result and further 75% of respondents agree that the current low prices for research are not sustainable.

The impact of research unbundling is being f......................

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