Ex-BlackRock equity portfolio manager pleads guilty to insider trading

Ex BlackRock fund manager Mark Lyttleton on Wednesday pleaded guilty to two counts of insider dealing in the shares of EnCore Oil and Cairn Energy.

Lyttleton, whose case was heard at Southwark Crown Court in London, will be sentenced on 21 December.

The former equity portfolio manager admitted dealing on the basis of insider information he obtained during the course of his employment at BlackRock.

A a member of the fundamental equity team at Blackrock, Lyttleton was able to discover and act on inside information either by working on the deals concerning the stocks or being party to conversations conducted by colleagues.

"Lyttleton was able to use the inside information to inform his purchase of shares a short time before any public announcement was made about the stocks concerned."

Lyttleton conducted his trades through an overseas asset manager trading on behalf of a Panamanian registered company.