EFG International has decided to absorb MiFID II research costs, Citywire Switzerland can reveal.

Starting from 3 January 2018, the firm will absorb the cost of third-party investment research and will not be passing it on to clients.

EFG Asset Management’s investment process relies on the firm’s in-house research capabilities, which account for the majority of the research used by the firm.

The asset manager will continue to use and develop its in-house capabilities, while complementing them with external research where it brings additional value to the investment process.

EFG International is not the first Swiss-based asset manager to decide to cover the cost of third-party research.

In October, Bellevue Group, GAM, Vontobel and RAM AI stated they will cover investment research expenses.

Similar statement have also been issued by Unigestion, Fisch Asset Management and Zurich-based wealth manager Altrafin Group.