LONDON May 14 Asset manager BlackRock
said on Tuesday that one of its former employees was arrested in
April by City of London police on suspicion of insider dealing.
BlackRock did not name the individual but a source with
knowledge of the matter said it was Mark Lyttleton, one of the
firm's longest serving British-based fund managers who left the
company in March.
The source said Lyttleton was one of the people to whom
Britain's Financial Conduct Authority referred on May 3, when it
said it had arrested and questioned a man aged 41 and a woman
aged 37 on April 30 in West London, in connection with an
investigation into insider dealing and market abuse.
A second source with knowledge of the matter said the woman
who was arrested was Lyttleton's wife, but did not give her
The FCA said at the time neither individual was charged and
the arrests are not linked to any other ongoing insider dealing
It added that business and private premises in Switzerland
were searched by the Swiss authorities in connection with its
"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," BlackRock said in a statement on Tuesday.
"There is no suggestion that there has been any impact to
any of BlackRock's clients."
Britain's financial watchdog has made several high-profile
arrests for insider dealing already this year, as part of a
commitment to crack down harder on the crime.
BlackRock announced in March Lyttleton would leave the firm
at the end of April, although he actually relinquished his fund
management responsibilities in March and has not worked at the
firm since 28 March.
Lyttleton, most recently manager of BlackRock's UK Dynamic
and UK Absolute Alpha funds, traces his career at the firm back
more than 20 years. Reuters was not immediately able to reach
Lyttleton for comment.
BlackRock said on Tuesday it was continuing to help the
authorities with their investigations.