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Asset managers increase investment research budgets for first time since MiFID II

Survey by Substantive Research shows ‘trend has turned’ on years of cuts to investment research budgets

European Union rules rolled out in 2018 led to a drop in research budgets among asset managers MJUSTIN TALLIS/AFP via Getty Images
European Union rules rolled out in 2018 led to a drop in research budgets among asset managers MJUSTIN TALLIS/AFP via Getty Images Photo: AFP via Getty Images

Asset managers have increased the budgets they devote to investment research — the first time they have done so since EU rules came into force six years ago, which sparked widespread cutbacks.

According to a survey by Substantive Research, which analyses research and data spend across fund managers, investment research budgets among EU and US fund groups rose both as a proportion of assets under management and in absolute terms during the first half of 2024.

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