The Financial Conduct Authority has found Newton Investment Management, Hargreave Hale and River & Mercantile Asset Management guilty of breaking competition laws for their involvement in an information-sharing scandal, which saw the regulator fine former Newton portfolio manager Paul Stephany earlier in February.
The firms shared strategic information on a bilateral basis during one initial public offering (IPO), understood to be Card Factory, and one placing, shortly before share prices were set, and then disclosed...
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