Amundi has become the latest fund house that plans to absorb research costs when MiFID II comes into effect, the company has confirmed.
Amundi said research is a vital pillar of its investment process, but that external research is only complementary and auxiliary.
The firm has a 200-strong research team, which represents more than 50% of the total costs of research used by portfolio managers.
The impact of the decision on the firm’s profit and loss, with the combined purchase power post-Pioneer, should mean it can lower costs further.
Between the 2009 merger of Credit Agricole AM and SocGen AM in 2014, Amundi reduced brokerage fee costs by 50%.