Paris-based asset manager Covéa Finance has joined the list of companies that will absorb external research costs when Mifid II will be implemented on 3 January 2018.
Covéa Finance is the asset management branch of French insurance firms MAAF, MMA and GMF.
Therefore Covéa Finance’s clients will not pay for the research. The company said it will apply the measure for both mandates and funds it runs.
Hélène Dyé, deputy head of Asset Management at Covéa Finance, said that the decision was obvious for the firm as most of the research is produced internally by its teams and that it will enable the manager to optimise cost management in the field of research.
The firm added that since a few years, it has implemented a follow-up and assessment system towards the external research it can use.
Covéa Finance managed €93.3bn in assets as at end of 2016.