Former BlackRock fund manager Mark Lyttleton has been charged with three counts of insider dealing and will appear in court today, as part of an investigation that began in 2013.
Lyttleton (pictured), who ran a number of UK equity funds at BlackRock, was arrested in 2013 on suspicion of insider trading, after resigning from his role in March that year.
Reports at the time revealed the manager was detained by the City of London Police on 30 April 2013 as part of a market abuse probe launched by the Financial Conduct Authority (FCA).
The FCA has now revealed the former manager has been charged with three counts of insider dealing relating to trading in equities and a call option between 2 October and 16 December 2011.
The regulator said the offence is punishable by a fine or up to seven years imprisonment. Lyttleton has been summoned to attend City of London Magistrates' Court today (29 September 2016).
Lyttleton left the business in 2013 after more than a decade of running money, including such portfolios as the BlackRock UK, UK Dynamic, and UK Absolute Alpha funds.
The funds saw strong returns at the beginning of his tenure, but the performance of all three vehicles took a downturn in his latter years as manager.
In a statement issued to PP's sister title Investment Week following his arrest, BlackRock said: "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 any 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."
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