Ex-Newton manager Stephany fined for IPO misconduct
Fined £32,000
Former manager of the Newton Investment Management UK Equity fund Paul Stephany has been fined £32,000 by the Financial Conduct Authority (FCA) for misconduct during a 2015 initial public offering (IPO).
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...
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