They used to be tight.
In the not too distant past, banks sought out the business of asset managers, plying them with free research, market intelligence and trade ideas during the day, and occasionally, sparkling entertainment. All those giveaways cemented relationships and business.
Then came Mifid II.
Since its inception, the directive’s best-execution rules have rumbled over the European rates market, requiring asset managers to prove they had got the best price for their customers. The