Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Rathbones takes 'strong action' on 'possibility of market abuse'

Rathbones takes 'strong action' on 'possibility of market abuse'

(Update) Rathbone Brothers has issued a stock exchange announcement saying it is investigating the possibility of market abuse following a post on social media news site Reddit.  

Shares in Rathbones have endured a volatile day of trading, down by as much as 10.3% at 12.20pm in reaction to the allegation posted earlier in the day. 

After clawing back some ground shortly after Rathbones issued its statement at 1.13pm to narrow losses to around 5%, investors started selling out again at around 2pm.

The shares closed the day 5.3%, or 142p, lower at £25.09p.

'Rathbones notes the movement in its share price this morning which coincides with an anonymous allegation made in an online discussion forum,' the stockmarket announcement read. 

'We are not aware of anything that would give substance to this allegation and are taking strong action. We are alert to the possibility of market abuse.' 

Citywire TV
Play On the Road Challenge: Clay pigeon shooting with Thesis' Lansdowne

On the Road Challenge: Clay pigeon shooting with Thesis' Lansdowne

Eleanor Mahmoud goes clay shooting at the National Clay Shooting Centre with Sam Lansdowne from Thesis Asset Management

Play AA-rated Flood on gov't bonds: 'the maths doesn't add up'

AA-rated Flood on gov't bonds: 'the maths doesn't add up'

He also addresses why his Newton Multi-Asset Income fund has such a high cash weighting and why he sees renewables as such a good opportunity.

Play AAA-rated Ali: Identifying the peripheral European plays

AAA-rated Ali: Identifying the peripheral European plays

Citywire AAA-rated Tawhid Ali thinks that plenty of good stocks in the European periphery are being thrown out with the proverbial bath water.

Read More
Your Business: Cover Star Club

Profile: Brewin's Cardiff boss on the Welsh opportunity

Profile: Brewin's Cardiff boss on the Welsh opportunity

Prior to becoming head of Brewin Dolphin Cardiff, Welshman David Myrddin-Evans had only previously visited the city to watch the rugby.

Wealth Manager on Twitter