An asset manager has hit back at its fine from the FCA this morning over alleged price-fixing in initial public offerings and share placings.
This morning, the FCA announced that, for the first time, it had used its new competition enforcement powers to fine Hargreave Hale and River and Mercantile for their role in sharing strategic information between competing asset managers before share prices were set.
The FCA said that the sharing of confidential information undermined the fair market for shares.
A statement from Hargreaves Hale parent company Canaccord Genuity Group sent to Money Marketing says that the firm is now taking legal advice, maintaining that it did not breach competition law.
The statement reads: “Based on our initial review of the FCA’s decision in connection with its Competition Act investigation, we believe that the FCA has made a number of legal and factual errors in concluding that Hargreave Hale infringed competition law and we are exploring our options with our legal advisers. In particular, Hargreave Hale was simply a recipient of information that was provided on an unsolicited basis by another fund manager and did not alter its own bidding behaviour as a result.