Contributed by: Sarah Keene, Troy Pilkington and Bradley Aburn
Published on: February 22, 2019
The UK Financial Conduct Authority (FCA) has issued its first ever competition law decision fining asset management firms Hargreave Hale Ltd (HHL) £306,300 and River and Mercantile Asset Management LLP (RMAM) £108,600 for cartel conduct.1 The FCA found that HHL, RMAM and Newton Investment Management Limited (NIML) engaged in cartel conduct by sharing the price they were willing to pay for shares, and sometimes the volume of shares they wished to acquire, in the context of an initial public offering and placing process.
This case serves as a useful reminder that:
If you want to know more about how to mitigate competition law risks in the financial services sector, please contact Sarah Keene or Troy Pilkington.
This article is intended only to provide a summary of the subject covered. It does not purport to be comprehensive or to provide legal advice. No person should act in reliance on any statement contained in this publication without first obtaining specific professional advice. If you require any advice or further information on the subject matter of this newsletter, please contact the partner/solicitor in the firm who normally advises you, or alternatively contact one of the partners listed below.
Partner, Competition and Antitrust
Competition and Antitrust