Spain’s fund house Horos Asset Management has announced it will take on research costs related to the new regulation Mifid II from November onwards.
Horos AM’s CEO José María Concejo says: “From the two options proposed by Mifid II with regards to research costs, we have opted to absorb them in order to exempt our clients from this cost.”
Thus far, Horos AM has launched two equity funds – one Iberian and one global fund – as well as a pension fund, all of which can be acquired through the manager itself, Allfunds Bank and Tressis. To the date, the firm has €38m in AUM and 1,672 participants.
The company follows now the path traced by a number of asset managers that have been announcing throughout the year that they would assume external research costs rather than passing them to clients ahead of the implementation of Mifid II.
According to some data released by the Spanish National Securities Market Commission (CNMV) earlier this year, around 600 investment funds in Spain had taken on research costs as of the end of June 2018, which accounts for 35% of all Spanish funds.
That figure quadrupled year-on-year, when just 150 Spanish funds announced they would absorb those costs at the time of the publication of the Mifid II transposition draft, according to the general director of Institutions at the Spanish National Securities Market Commission (CNMV) José María Marcos.