MIFID II: starting to impact the sell side hard. A gloomy outlook for small cap research.
Conclusion: Research budgets will remain under pressure in 2017 and 2018, with less research published by investment banks. Companies must face up to this issue and consider ways to help themselves. Paying "Hard" Jupiter Asset Management's decision to absorb £5m of research payments through its own P&L in 2017 has not really garnered much attention from the financial press. The main focus, for those that have commented, is that Jupiter has decided to pay these costs rather