ONE OF the City’s biggest ex-fund managers was thrust into the spotlight yesterday after sources said he was arrested last month as part of a probe into insider trading.
Mark Lyttleton, an ex-employee of BlackRock, was arrested and questioned along with a 37-year-old woman by City of London police in connection with a Financial Conduct Authority probe.
The arrest on the 30 April at a home address in West London, came about a month after Lyttleton had stepped down from BlackRock after informing the firm he wanted to leave. No charges have been brought.
Lyttleton, who had been at the fund manager for 21 years, was considered one the best managers of his generation having consistently outperformed fund benchmarks.
His UK Dynamic and Absolute Alpha portfolios had enjoyed success until the financial crisis. Last summer he took three months off from the firm, citing family reasons. “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,” the firm said.