The second iteration of the European Markets in Financial Instruments Directive (Mifid II), which is due to come into force in January 2018, is a cloud on the horizon for asset managers. Although, as it stands, Britain is sat in the European Union departure lounge, UK funds will comply with the directive anyway in the hope a future trade deal will enable them to sell into the single market. One significance of Mifid II is the focus on fees transparency. This is troubling for an industry already being undercut by passive products.
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