FCA: Four asset managers 'may have broken competition law'

The Financial Conduct Authority (FCA) alleges the four firms shared information by disclosing the price they intended to pay, accepting such information, or both, in relation to Initial Public Offerings (IPOs) and placings, shortly before share prices were set. In first case of the FCA using its competition enforcement powers, the regulator said in a statement: "The sharing generally occurred on a bilateral basis and allowed firms to know the other's plans during the IPO or placing process when they should have been competing for shares." BNY Mellon boutique Newton, Hargreave Hale and...