Floats investigated

FOUR investment firms have been accused of price fixing on stock market floats to boost their profits.

The City watchdog said it is investigating claims that the companies agreed how much they were all willing to pay for shares of small-cap firms when they listed in 2014 and 2015.

It meant prices were kept artificially low, the Financial Conduct Authority claimed. The businesses alleged to have taken part are Artemis Investment Management, Hargreave Hale, newton Investment Management and River & Mercantile Asset Management.

All four say they are cooperating with the probe. If found guilty, they will face massive fines of up to 10pc of worldwide revenue.