Relatives of the Schroders equity trader arrested in the Financial Services Authority's (FSA) insider dealing probe are believed to be among the five individuals taken into custody, according to New Model Adviser® sister publication Wealth Manager.
Wealth Manager said the individual at the heart of the investigation was Schroders equity trader Damian Clarke. He was among the two men and three women arrested in a series of raids on properties in London, Lincolnshire, Leicestershire and North Yorkshire yesterday morning.
Wealth Manager cited sources close to the situation as claiming the five individuals, aged between 37 and 63, were members of the same family.
In a statement issued yesterday, Schroders said one of its employees had been taken into custody, without disclosing the individual's name.
The statement read: 'On Tuesday 22 January, a Schroders employee was arrested by the FSA and City of London Police on suspicion of insider dealing. The individual has been suspended with immediate effect.
'The FSA has informed us that the allegations relate entirely to this individual’s personal actions. Schroders is not subject to any investigation.
'There is no indication of any detrimental impact on our clients or financial results. We are not able to disclose any further details as this matter is subject to an on-going investigation of the individual concerned.'