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Fund manager slashes competition probe penalty provision

Fund manager River and Mercantile has reduced the amount it set aside for a potential penalty relating to a FCA competition probe by £900,000.

In March, River and Mercantile said it set aside £1m through a reduction in director pay in response to the regulator’s investigation.

In a trading update today, the firm says that has now been reduced to £109,000.

The statement says: “The group received guidance from the FCA on the likely quantum of penalty should one be imposed. The provision has been adjusted to reflect this guidance.”

Last November it was revealed the FCA was investigating four fund managers – Artemis Investment Management, Hargreave Hale, Newton Investment Management and River & Mercantile Asset Management – over allegations they broke competition law.

The firms were said to have shared information relating to one or two initial public offerings and one placing, shortly before the share prices were set.

River and Mercantile chief executive Mike Faulkner says: “The group continues to co-operate fully with the FCA in this complex matter and we will provide further updates when the FCA reaches its final decision in due course.”

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