Carmignac, the €61bn French asset manager, will pass on the cost of investment research to its clients once new European Union rules come into force in January, setting the firm at odds with larger rivals that have opted to shoulder the expense.

As part of widespread changes to be introduced under the revised Markets in Financial Instruments Directive, which will separate commissions paid by to brokers for trading and research, fund managers will be forced to overhaul how they handle investment research provided by external parties.