Investment - Articles - FCA issues objections against four Asset Management firms


The Financial Conduct Authority (FCA) has issued a statement of objections to four asset management firms: Artemis Investment Management LLP, Hargreave Hale Ltd, Newton Investment Management Limited and River & Mercantile Asset Management LLP. The FCA believes the four firms may have broken competition law.

 The FCA alleges that the four firms shared information by disclosing the price they intended to pay, or accepting such information, or both, in relation to one or more of two Initial Public Offerings (IPOs) and one placing, shortly before the share prices were set. 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.

 The FCA’s main allegations against the four firms are that separately:

 in 2015, Newton Investment Management Limited (‘Newton’) and Hargreave Hale Ltd and River & Mercantile Asset Management LLP disclosed and/or accepted information about the price they intended to pay for shares in relation to one IPO and a placing;
 in 2014 Artemis Investment Management LLP and Newton shared information about the price they intended or were willing to pay for shares in relation to another IPO.

 These are provisional findings and may not necessarily lead to an infringement decision. A statement of objections gives firms notice that the FCA thinks that they have infringed competition law and the opportunity to respond by making written and oral representations.

 The FCA will carefully consider any representations from the firms before deciding whether the law has been broken. The statement of objections will not be made public, however any final decision taken will be published providing more detail about the case.

 This is the first case the FCA is bringing using its competition enforcement powers. 

Back to Index


Similar News to this Story

Targeted Support major step towards addressing support gap
Targeted Support is poised to play a pivotal role for potentially millions of non-advised individuals. Non-advised could be supported with at retireme
FCA proposals for millions to navigate their financial lives
Millions more people could get help navigating their financial lives with support on pensions and investments, under proposals announced today by the
Comments on FCA proposals on navigating financial lives
Aviva, Just Group, Standard Life, Scottish Widows and the ABI comment on FCA proposals on navigating financial lives

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.