Former fund manager at Newton Investment Management Ltd fined £32,200


Goldman Sachs International fined £34.3 million for transaction reporting failures

UK financial regulator Financial Conduct Authority (FCA) has announced that it has fined Paul Stephany, a former fund manager at Newton Investment Management Limited, £32,200 for his conduct in relation to an Initial Public Offering (IPO) and a placing.

Stephany risked undermining the integrity of the market and the book build by trying to use their collective power, while submitting orders as part of a book build for shares that were to be quoted on public exchanges.

Stephany has also failed to observe proper standards of market conduct.

Mark Steward
Mark Steward, FCA

Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, said:

This matter underscores the importance of fund managers taking care to avoid undermining the proper price formation process in both IPOs and placings. These markets play a vital role in helping companies raise capital in the UK’s financial markets and when they are put at risk the FCA will take action.

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Former fund manager at Newton Investment Management Ltd fined £32,200

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