FCA fines Hargreave Hale and R&M over IPO conduct; Newton given immunity

Hargreave Hale seeking legal advice

clock • 4 min read

The FCA 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.

The episode has already seen the regulator fine former Newton portfolio manager Paul Stephany earlier this month. 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 or accepted otherwise confidential bidding intentions in the form of the price they were willing to pay and sometimes the volume they wished to acquire, the regulator concluded. This allowed one firm to know another's plans during the IPO or placing process when they sh...

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