MiFID medicine may be poison for small firms, warns Nordea AM

The head of Nordea Asset Management says new rules targeting conflicts of interest in his industry are hurting smaller fund managers as they struggle to keep up with the demands.

Nils Bolmstrand Head of Nordea Asset Management is worried about smaller asset managers ability to pay for research after implementation of MIFID II.

Nils Bolmstrand, chief executive officer of Nordea Asset Management -- a unit of Nordea Bank which oversees about USD 257 billion -- says new industry rules may end up being a case of the medicine killing the patient.

Europe’s revised Markets in Financial Instruments Directive (MiFID), which took effect at the beginning of this year, was designed to improve transparency and end conflicts of interest across the financial industry.

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