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River & Mercantile Group cuts provision for competition probe

British asset manager River & Mercantile Group PLC reduced its provision for a competition probe by the U.K. Financial Conduct Authority to £109,000 from £1 million.

A unit of the company, River & Mercantile Asset Management LLP, was one of four asset managers that the FCA previously singled out for possibly breaching competition laws during one or more of two IPOs and a share placement in 2014 and 2015.

The group said it cut the provision to reflect guidance from the regulator on the likely size of any penalty, should one be imposed. The reduction will also remove the cut in remuneration of £500,000, which the group recognized in the earlier provision.