Hargreave Hale, Newton Investment Management and River and Mercantile Asset Management have breached competition law, the Financial Conduct Authority said. 

The regulator fined Hargreave Hale £306,300 and RAMAM £108,600.  Newton escaped a fine because the FCA said it was given immunity under the competition leniency programme.

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. 

The firms disclosed and/...