Mark Lyttleton, a former high-profile BlackRock portfolio manager, pleaded guilty to two counts of insider trading in a London court.
Bloomberg News reports that Lyttleton entered his pleas to the charges Wednesday after one count was dropped. He is accused by the U.K. Financial Conduct Authority of insider dealing relating to equities trades and a call option between October and December 2011.
Insider dealing carries a maximum prison term of seven years in the U.K., and Lyttleton will return for his sentencing December 21.
Lyttleton was arrested along with his wife Delphine at their west London home in May 2013. Lyttleton, who was based in BlackRock’s London office, ran funds including the BlackRock U.K. Dynamic Fund and the BlackRock U.K. Absolute Alpha Fund, once managing as much as $2.45bn before he left the firm. His wife was dropped from the FCA investigation last year.
Lyttleton’s barrister, Patrick Gibbs, said a psychological report would be submitted to the court to give some insight into his “rather extraordinary behavior.”
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