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(Update, adds Newton statement) Newton Investment Management has fired a fund manager following a regulatory probe into the rigging of share prices.
The identity of the fund manager is yet to be revealed. Newton said it was not in a position to comment on the news, revealed in yesterday's Sunday Times.
Last week the Financial Conduct Authority (FCA) said it was investing four fund firms over the possibility they may have broken competition rules.
Newton, along with Artemis, Hargreave Hale and River and Mercantile, were alleged to have shared information by disclosing the price they intended to pay in relation to initial public offerings (IPOs) and placings shortly before share prices were set.
The FCA alleged that in 2014 Artemis and Newton shared information about the price they intended to pay for shares in relation to an IPO.
According to the Sunday Times, the £240 million float of the online holiday company On the Beach (OTB) is one of the IPOs at the heart of the FCA probe.
The company, which listed in 2015, is said to be one of three deals under investigation.
Newton said in a statement: 'We are not able to comment on individuals, but we can confirm that we have taken disciplinary action as a result of the activity. One employee was suspended at the time; this individual has since been subject to disciplinary action and dismissed.'