Nils Bolmstrand, chief executive officer of Nordea Asset Management, that oversees about $257 billion, says the MIFID II rules may end up being a case of the medicine killing the patient.

“I would be more worried about the fact that there could be asset managers who don’t have a sufficient size to build up the internal capabilities to do research and where it gets more costly for them now actually to be able to buy that expertise,” Bolmstrand said.