Asset Management

Fund manager at centre of IPO probe loses unfair dismissal case

Former Newton employee Paul Stephany insisted that sharing price info ahead of share sales is ‘normal’ in the City

Fund manager at centre of IPO probe loses unfair dismissal case
Photo: Getty Images

A fund manager at the centre of a regulatory probe into collusion on public share sales has had his unfair dismissal claim rejected by an employment tribunal judge.

Paul Stephany, a former manager of Newton Investment Management’s £1bn UK equities fund, was fired in August 2017 for “gross misconduct” after sending emails to his peers at rival companies discussing the price to be paid for shares in initial public offerings.

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