Numerous asset managers have revealed whether they plan to pass the cost of external investment research directly on to clients when new EU rules come into force from January, but many remain locked in fraught discussions with research providers over the price.

BlackRock, Pimco, Vanguard and JPMorgan Asset Management are among several large-scale players that have publicly declared how they will treat investment research under the revised Markets in Financial Instruments Directive, with the majority opting to pay for this information out of their own pockets, rather than passing on costs to investors.