“Those who are tempted to insider deal, especially financial industry professionals, must know now they are more likely to be caught than ever before and, when caught, they will likely face a custodial sentence.”
After first joining the firm as a graduate trainee in 1992, Lyttleton went on to be the lead manager on BlackRock’s UK Dynamic and UK Absolute Alpha Funds and also held a position in the fundamental equity team.
At its peak, he oversaw the Alpha Fund reach around £2bn in size and became a ‘poster boy’ for Ucits absolute return.
In a statement, BlackRock reiterated its previous support for enforcement by the FCA against such offences and said there was “no impact to any of BlackRock’s clients as a result” and that Lyttleton’s behaviour was “totally contrary” to the firm’s principles and values.
His sentencing signals the latest in a string of 32 successful prosecutions for insider dealing by the FCA.
