Deutsche Bank, Franklin Templeton to Pay MiFID Research Tab


Deutsche Bank AG’s money-management unit and Franklin Templeton Investments will absorb the cost of external research for funds when new European regulations come into force, joining a growing number of competitors who say they won’t pass on the expenses.

“The decision ensures that our clients will not be burdened with additional costs,” Nicolas Moreau, chief executive officer of Deutsche Asset Management, said in a memo to employees Wednesday. “We rely heavily on our own proprietary research and asset analysis and this will not change.”

The European Union’s revision of the Markets in Financial Instruments Directive forces money managers to pay separately for research and trading services they get from banks. Regulators aim to ensure they act in the best interests of their clients, rather than being induced by the offer of free analysis.

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