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BREAKING NEWS

UK watchdog fines asset managers for breaking competition rules

UK watchdog fines asset managers for breaking competition rules
FILE PHOTO: A maintenance worker cleans the entrance area of the headquarters of the new Financial Conduct Authority (FCA) in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren/File Photo -
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LONDON (Reuters) - Britain's markets watchdog said three asset management firms have breached competition law, with two of them fined in the first such use of the regulator's competition powers.

The Financial Conduct Authority said on Thursday that Hargreave Hale Ltd, Newton Investment Management Limited and River and Mercantile Asset Management LLP (RAMAM) breached competition law.

"The infringements consisted of the sharing of strategic information, on a bilateral basis, between competing asset management firms during one initial public offering and one placing, shortly before the share prices were set," the FCA said in a statement.

It fined Hargreave Hale £306,300 and RAMAM £108,600 pounds. Newton was not fined as it received immunity under the competition leniency programme, the FCA said.

(Reporting by Huw Jones, editing by Kirstin Ridley)

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