Ex-Newton manager Stephany fined for IPO misconduct

The FCA found that prior to submitting orders as part of a book build for shares that were to be quoted on public exchanges Stephany contacted other fund managers at competitor firms and attempted to influence them to cap their orders at the same price limit as his own orders. As a result, Stephany risked undermining the integrity of the market and the book build by trying to use their collective power. The FCA said the ex-Newton manager failed to observe proper standards of market conduct, and was found to have acted without due skill, care and diligence by failing to give proper con...