Columbia Threadneedle Investments and State Street Global Advisors will pay the cost of stock research from their own pockets when new European regulations come into force in January, falling into line with most peers.

Currently, the cost of banks' research and stock tips are paid out of investors' funds. The new EU market rules, known as Mifid II, call for fund managers to either pay for it themselves, or set up new admin procedures to show they have investors' permission to pass the cost to them.