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Heartwood Partners' fund manager survey shows MiFID II has already reduced sell side research re

Heartwood Partners conducted a survey with just under 50 institutional and private client fund managers. Click here for the survey. The aim was to understand if MiFID II is impacting fund managers. The results are revealing. Since MiFID II was implemented on 3rd January 2018:

  • Nearly 60% of fund managers are receiving less contact from sell side brokers

  • Approximately 40% are receiving less sell side research

  • Nearly half of fund managers said brokers expect to get paid to provide company access, yet 45% of fund managers are unwilling to pay for it

  • Meeting management is still deemed as the most important factor in making an investment


Companies should consider the negative impact MiFID II is having on the flow of information from the sell side to the buy side. Less written research and smaller distribution networks will see many companies struggle to get their investment case heard. This disruption, however, creates opportunity for those companies willing to consider new avenues. Options open to management include recruiting an in-house investor relations manager, commissioning paid-for research or retaining investor relations specialists such as Heartwood Partners to improve the communication of their investment case and widening investor interactions.

For more detail please read the article which was originally written by Alex Schlich and published by the Investor Relations Society here.

If you are a chief executive or finance director or a company's adviser and would like to know if Heartwood Partners can improve your investor relations in a post MiFID II world, then please get in contact via email:

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