Former manager of the BlackRock UK Dynamic and UK Absolute Alpha funds, Mark Lyttleton, has been arrested for suspicion of insider trading, reported Sky News.
Lyttleton left BlackRock after 21 years at the end March 2013, following a restructure. He was, reportedly, detained by the City of London Police as part of a market abuse probe launched by the Financial Conduct Authority (FCA).
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On 3 May, the FCA announced it executed a search warrant in West London on 30 April, with the assistance of the City of London Police Economic Crime Directorate, and two people – a man aged 41 and a woman aged 37 – were arrested and questioned in connection with an investigation into insider dealing and market abuse.
Reportedly, Lyttleton, along with an unidentified woman, were subject to this arrest, according to both Sky News and Bloomberg.
A statement from BlackRock reads: "On Tuesday 30th April, an individual, who previously worked at BlackRock, was arrested by the City of London Police on suspicion of insider dealing. The FCA has informed us that the allegations relate to actions carried out for personal gain, while off our premises, and that neither BlackRock, nor any other employee, is under investigation.
"There is no suggestion that there has been any impact to any of BlackRock’s clients. The alleged behavior is totally contrary to the firm’s principles and values. BlackRock strongly supports aggressive enforcement of the law in these matters. The firm has been aiding and will continue to aid the authorities with their investigations."
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By GlobalDataThe FCA statement reads: "No further details can be confirmed at this time and no individuals have been charged. The arrests are not linked to any other ongoing insider dealing investigation."
Insider dealing is punishable by a fine or up to seven years imprisonment.
