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Ex-Newton manager at centre of FCA probe says sharing IPO info is ‘normal’

City regulator claims Newton and three other fund managers might have breached competition rules

Ex-Newton manager at centre of FCA probe says sharing IPO info is ‘normal’
Photo: Getty Images

A fund manager at the heart of an investigation into collusion between four of the UK’s best-known investment firms has insisted that sharing price information ahead of public share sales is “normal behaviour” in the City.

Paul Stephany, who ran the £1bn UK equities fund at Newton Investment Management before being fired for gross misconduct in August 2017, is suing his former employer for unfair dismissal.

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