In the past, all investment funds paid commission to banks that sold mutual funds to their customers. That practice was brought to an end by MiFID-2 – or at least it became easier for the end customer to tell who was being paid, and for what.
MiFID-2 forced asset managers to think up new models, and the most common one in Denmark has become one where asset managers create new commission-free funds – that are otherwise hardly distinguishable from the existing funds with distribution commissions to banks. The only difference is that the payment is not included in the fund.
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