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Ex-BlackRock manager Lyttleton arrested in insider dealing probe

by Dylan Lobo on May 14, 2013 at 07:02

Ex-BlackRock manager Lyttleton arrested in insider dealing probe

Ex-BlackRock star Mark Lyttleton has been arrested in an insider dealing probe, according to Sky News.

Lyttleton (pictured), who stepped down from BlackRock in March, was detained by the City of London Police, according to the news broadcaster as part of a Financial Conduct Authority (FCA) investigation into insider trading.

BlackRock would not confirm if the arrest was related to Lyttleton. A spokesperson said in a statement: 'On Tuesday 30 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 impact to any of BlackRock’s clients. The alleged behaviour 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.'

It is not clear what the allegations against Lyttleton are and he has not been charged with any crime.   

BlackRock announced Lyttleton was leaving the firm on 25 March in a restructure of its UK equity desk. The news came six months after he had returned to the firm following a three month sabbatical.

Lyttleton had joined Mercury Asset Management in 1992 and moved across to Merrill Lynch following its acquisition of the firm 1997. Nine years later he was hired by BlackRock after it bought Merrill Lynch Investment Managers.

Lyttleton managed a range of funds for the firm, including BlackRock UK Absolute Alpha , one of the first absolute return funds launched into the UK retail market. He also managed the BlackRock UK fund between 1999 and 2012 and the BlackRock UK Dynamic fund between 2003 and 2012.  

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