BlackRock to Pay Costs of External Research Per New EU Rules
Asset managers will have to agree to a price for research obtained from brokers.
BlackRock Inc. (BLK) - Get Report said that it expects to absorb the costs from a new EU rule requiring asset managers to agree to a price for research obtained from brokers that's scheduled to become law in January.
Most research is currently given out for free, with brokers recouping those costs through the fees they charge for executing trades for the asset managers.
"We are committed to developing our internal capabilities, while ensuring our teams retain access to external research that adds value to the investment process," BlackRock, the world's largest asset manager, said in a statement.
BlackRock shares were set to open at $425.52 Thursday morning.
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