MiFID II seen driving 20% cut in EU funds' external research budgets

London

EUROPEAN fund managers have cut their 2018 investment research budgets by 20 per cent as they scale back the number of providers they use in response to MiFID II.

That's according to a survey of fund managers conducted by US consulting firm Greenwich Associates, which assessed the shakeup to the multi billion-dollar market for research under the European Union law that started on Jan 3.