In the second of two articles on the impact of Europe's incoming Mifid II rules, which will affect how fund managers pay for research, bank teams are seen to be under threat.
First State Stewart Asia has changed its approach to paying for research, in an early indication that asset managers in the region will not be immune from looming EU rules.
Mifid 2 will force brokers to detail how commission payments are being spent. Asian asset owners may demand the same level of disclosure, says Leonard Ng of Sidley Austin.
Regulations recently issued by the UK's Financial Conduct Authority on the use of dealing commissions are likely to affect the pricing and distribution of research, industry players say.
In Greenwich Associates' annual equities survey of buy-side institutions, Japanese brokers grew market share in research at home, while elsewhere in Asia international firms remain top dogs.
The UK clampdown on commission payments is having an impact on Asian fund managers. Some observers think private meetings paid for out of client fees will become obsolete.