Fund managers are paying banks an average of $75,000 (£60,500) annually for analyst research, nearly twice as much as independent research providers.
The prices charged by banks can reach $1.5m for an annual subscription, the Financial Times reports, falling to as low as $1,500 for other research providers.
A report from consultancy Integrity Research found that fund managers spend an average of $40,000 for independent provider led research.
When Mifid II rules come into effect next year it will be compulsory for fund managers to separate trading and research fees.
The FCA set out plans to prevent firms from receiving non-monetary benefits from third parties, including research.
To receive research, firms will have to either pay directly from their own resources, or pay from a separate research payment account. Firms must also set a research budget which is not linked to the volume or value of transactions on behalf of clients.
Integrity Research principal Sanford Bragg told the FT: “There has been an ongoing negotiation because the asset managers have a succession of brokers coming in through their doors saying they are not [being paid enough]. Eventually the asset managers are going to shrug their shoulders.”
The Integrity Research report surveyed 161 research providers around the world, including 64 investment banks.