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 Troy Pilkington.
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Partner, Competition and Antitrust
Competition and Antitrust