Asset managers have started to seriously consider passing equity research costs onto end investors in the UK, but some global groups claim specific requirements by the Financial Conduct Authority make the new freedoms “unworkable”.

According to a survey of 30 asset managers overseeing more than $10tn in assets by Substantive Research, almost a quarter said they want to take advantage of rules introduced by the FCA last year that allow them to “rebundle” research costs and pass these to clients.