Financial regulators in the US and the UK have hit fund manager Martin Currie with a combined $14m in fines, in a conflict of interest case that relates to the exit of a portfolio manager in Asia last year.

The UK's Financial Services Authority today issued a £3.5m penalty after finding that Martin Currie failed to manage a conflict of interest relating to investments in Asia by of its two clients. At the same time, the US Securities and Exchange Commission slapped the asset manager with an $8.3m charge in the case, which involved an investment fund in the US.