UK wealth manager Hargreave Hale has disputed the fine it has been handed by the country’s regulator following an investigation into price fixing.The manager, which is owned by Canaccord Genuity, has been fined £306,300, the regulator announced today, with River & Mercantile Asset Management (RAMAM) being charged £108,600.The Financial Conduct Authority (FCA), in its first use of powers to ensure fair competition in financial markets, said both companies had participated in “the sharing of strategic information, on a bilateral basis, between competing asset management firms, shortly before the share prices were set”, in relation to an IPO and placement in 2015.In a statement today, the FCA said: “The firms disclosed and/or accepted otherwise confidential bidding intentions, in the form of the price they were willing to pay and sometimes the volume they wished to acquire. This allowed one firm to know another’s plans during the IPO or placing process when they should have been competing for shares.” A third party in the case, Newton Investment Management, escaped a fine because it was given immunity under the competition leniency programme due to self-reporting the issue to the regulator.Earlier this month, one of its former fund managers, Paul Stephany, was personally fined £32,200 for attempting to influence other managers. The FCA said it found no grounds to charge Artemis, the fourth manager it had investigated.BackgroundFour asset managers ‘may have broken UK competition law’ The FCA opened the case against Artemis, Hargreave Hale, Newton and River & Mercantile in November 2017, publishing a “statement of objections” relating to potential misconductEx-fund manager fined over IPO misconduct The UK regulator fined ex-Newton manager Paul Stephany earlier this month for his part in the eventsIn a statement today, Canaccord disputed the regulator’s findings. The entrance to the FCA’s headquarters in Stratford, LondonIt said: “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.”The firm’s main issue, it said, was that “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”.The company said it had co-operated fully with the FCA and provided “comprehensive evidence and arguments to support our view that no infringement involving Hargreave Hale occurred”.It added that, unlike Newton, none of the individuals representing its organisation had been investigated by the regulator and that it was confident its employees conducted themselves “professionally and in the best interests of clients”.The FCA declined to comment on Hargreave Hale’s statement, but under its own terms, companies issued with a fine have a period of two months in which they are permitted to appeal the decision.‘Long and complex investigation’RAMAM, on the other hand, accepted the fine, welcoming the end of a “long and complex investigation”.James Barham, chief executive of RAMAM, said: “We have always believed passionately in maintaining the highest standards in everything we do and, while we are disappointed the FCA has come to this decision, we are confident the ongoing investment we have made in our procedures and processes clearly demonstrates our commitment to uphold these standards.”A spokesperson for Newton said Stephany had broken its internal code of conduct and had been dismissed.The spokesperson said: “Thorough internal and independent reviews of our systems, control and risk culture established that this was an isolated case which in no way represents our business as a whole.“We take our company culture seriously and expect our employees to understand our clients’ and regulators’ expectations of them, and that they observe the highest standards possible at all times.”
THE best of the best on the drag strip are preparing to defend their titles when the Guyana Motor Racing and Sports Club (GMR&SC) hosts its International Drag race meet, dubbed Caribbean Invasion, in just over two weeks,The club, which has already sent out invitations to its affiliates in Suriname and the wider Caribbean says that they expect over fifty local competitors.According to president Rameez Mohamed, all things are going to plan as the date draws closer to this meet.“What we have done is try to get as much competition as possible to come out on October 1. We’ve got a number of guys who are messaging us on Facebook, calling the office and even stopping me on the road to ask how to register.”“Right now, we have a bit of maintenance work on going at the club’s office in Thomas Lands but in just under a week’s time, by next Monday, Persons can start registering for the event,” Mohamed added.Meanwhile, Mohamed has indicated that all the necessary safety measures are being organised to ensure a safe day of racing while there will be added incentives for fans.“We are working on a few surprise cars. We can’t say who they are or where they are coming from just yet, but they are definitely going to be quick machines.”He said, “We are hoping for representation from a few of the major players regionally in the drag racing sector, but it comes back to logistics and other things; but we definitely have something lined up that will blow your mind away.”
Charles Barkley talking hockey? Charles Barkley talking hockey – and at Game 7 of the Stanley Cup Final, no less.Sir Charles joined NBC’s Liam McHugh, Mike Milbury and Keith Jones on Wednesday to discuss the first period of Blues vs. Bruins, which ended with the Blues ahead 2-0. Barkley couldn’t recall the name of St. Louis rookie goalie Jordan Binnington, but he knew “the goalie stole the show” in the first 20 minutes as Binnington withstood Boston’s constant pressure. MORE: Every previous Game 7 in Final history, ranked”Thanks, Gary Bettman, for the tickets. Love ya, brother,” Barkley said.A lot of Twitter was befuddled by seeing Barkley (and his fashion choice) on their screens, but some of it was complimentary, too:Who dressed Barkley????— Scott Zolak (@scottzolak) June 13, 2019did charles barkley just call sidney crosby “cindy crawford”— BIN RACCOON (@russbengtson) June 13, 2019Charles Barkley dressed up like he going to a parent teacher conference pic.twitter.com/j9iFQFhsv3— link (@1nolink) June 13, 2019why does charles barkley look like the head pharmacist at a best buy pic.twitter.com/NTgzmQ4jqD— hot take jake (@jakeguidry) June 13, 2019Charles Barkley does not listen to Philadelphia sports talk radio, I guess pic.twitter.com/EvhQVIr2Xd— Dan McQuade (@dhm) June 13, 2019Charles Barkley looks like he doesn’t wanna pay for a baggage fee so he’s just gonna wear everything on the plane. pic.twitter.com/DkAGTD4yRH— Mike Beauvais (@MikeBeauvais) June 13, 2019Charles Barkley is a better hockey analyst than most of NBC’s regular guys.— Dave (@baltimoredavey) June 13, 2019Charles Barkley killing it as usual during NBC’s #StanleyCupFinal intermission: ‘I always root for the team that never won a championship — because I’m on that list.’ Sir Charles rooting for @StLouisBlues. Pals with Blues coach and ex-Flyer Craig Berube from their days in Philly— Michael McCarthy (@MMcCarthyREV) June 13, 2019 One hockey name Barkley does know: Sidney Crosby. Chuck put Crosby in the same sentence as NBA superstar Kawhi Leonard when asked to make a hockey comparison to the Klaw.If @kawhileonard was a hockey player, who would he be?Charles Barkley immediately had a response: Sidney Crosby. pic.twitter.com/XFaEB6j22v— NBC Sports (@NBCSports) June 13, 2019Barkley said before the game he was on vacation, but a friend in a high place hooked him up with the visit to TD Garden in Boston.