Newton, Artemis Accused of Sharing IPO Data by U.K. FCA
- Hargreave Hale and River & Mercantile also accused in case
- Regulator says companies inappropriately shared IPO pricing
This article is for subscribers only.
Four asset management firms, including Newton Investment Management Ltd., were accused of sharing pricing information ahead of initial public offerings as the U.K. markets watchdog flexed its competition powers for the first time.
The U.K. Financial Conduct Authority issued a so-called statement of objections against Newton, Artemis Investment Management LLP, Hargreave Hale Ltd. and River & Mercantile Asset Management LLP, the watchdog said Wednesday. The complaint alerts firms that the FCA thinks they broke competition law and gives them the opportunity to respond before a final decision.