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Generali Investments to absorb costs for external research under MIFID II


With the Markets in Financial Instruments Directive II (MiFID II) coming into effect on 3 January 2018, Generali Investments has announced it is to absorb the costs related to external research, instead of charging them separately to its end clients.

MiFID II is a set of rules aimed at making financial markets in the European Union more robust and transparent, by creating a new legal framework that better regulates trading activities and enhances investor protection.
One of the main changes the Directive will bring for asset managers is related to research costs unbundling. MiFID II foresees that sell-side firms must unbundle and charge the buy-side firms separately for the research services . Asset managers can either fund these costs from their own profit & loss accounts, or charge them to their end clients.
Santo Borsellino (pictured), CEO of Generali Investments, says: “MiFID II will undoubtedly have an impact on the whole asset management business, and research is a vital part of it. As such, we have been working hard to be fully prepared, weighing all the options and ultimately choosing the solution that best fits the interests of our clients. In fact, by combining our significant in-house capabilities with the research we purchase externally, we will continue to offer them a very high-quality service, with no additional charge.”
Generali Investments has come to this decision after an extensive analysis of the internal needs for external research, and a careful assessment of each potential research provider against these .

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