Firms fined for rigging

TWO investment firms have been fined for secretly sharing information in an attempt to rig the price of stock market floats.

Hargreave Hale and River & Mercantile Asset Management (Ramam) discussed how much they would bid for stock in firms coming to the market.

By offering similar amounts, they were able to force down share prices and reduce the amount of money raised by those companies. Hargreave was fined £306,300 and Ramam £108,600 by the Financial Conduct Authority.

Newton Asset Management was involved but escaped punishment because it blew the whistle.