Investment banks charge asset managers $75,000 annually on average for analyst research compared to $40,000 for independent providers.
However, the prices charged by banks can reach $1.5m for an annual subscription, the Financial Times reports.
The lowest research charge for fund managers was $1,500.
When Mifid II rules come into effect next year it will be compulsory for fund managers to separate trading and research fees.
The Integrity Research report surveyed 161 research providers around the world, including 64 investment banks.