Artemis Investment Management has joined the ranks asset managers pledging to absorb research costs once Mifid II rules take effect in January.
In a short statement, the firm said: ‘Artemis Investment Management LLP has decided that, in response to MiFID II, with effect from January 2018 the cost of all external research will be paid for by Artemis.’
Although a growing number of companies pledging to absorb these costs some large firms have will continue charging clients for research costs—Man Group, Invesco and Amundi.
Artemis’ most recent results showed the business saw a sharp downturn in its fortunes last year with net outflows of £888 million and profit knock of 15% to £40.1 million. This downturn was blamed on the uncertainties caused by the UK’s decision to leave the European Union.
Artemis chief financial officer Douglas Cooper said: 'Brexit was really bad for us.
'The inflows across our various franchises were flat with some up, some down, ending the period with marginally negative net inflow.'