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Marlborough to absorb external research costs


Marlborough Fund Managers will not pass on external investment research costs to investors in the company’s range of 19 funds after new MiFID II rules come into force on 3 January 2018.

Marlborough will meet these research costs from its own resources and where the fund is managed by an external investment adviser that company will pay for them.
Wayne Green, Joint Managing Director of Marlborough Fund Managers, says: “Marlborough is committed to adding as much value as possible for our investors, so from January external investment research costs will be absorbed rather than passed on.
“As a company we have always made every effort to ensure that as many as possible of the costs associated with running our funds are absorbed by us and that those applied to the funds, and so our investors, are kept to a minimum.
“Our fund managers and their investment teams have earned a reputation for the high quality of their own research, but external research provides fresh perspectives and so has a role to play in ensuring that we achieve the best possible results for our investors.”
External research costs are currently included in a fund’s transaction costs. However under the Markets in Financial Instruments Directive (MiFID II) rules there is a requirement that they are unbundled. They can then either be met from a company’s own resources or paid for from a separate Research Payment Account (RPA). The latter is funded by a specific research charge paid by investors.

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