Neptune investors to bear almost £2m in research costs next year

In total, Neptune's range of funds will incur research costs from external providers of £1,941,560 in 2019, the firm has estimated. The research costs were previously lumped in with the trade execution costs prior to MiFID II. The Europe-wide regulation, which came into force in January, requires research costs to be unbundled from trading costs and clearly identifiable when charged to a client. Burnett quits Neptune after 16 years to set up firm In its external research policy, Neptune said: "It is important to recognise this cost does not represent a new cost to our clients and t...