Schroders equities trader pleads guilty to insider trading

Former Schroders Investment Management equities trader Damian Clarke has pleaded guilty to nine counts of insider trading and will be sentenced in June.

Clarke, who was employed initially as a fund manager’s assistant before being promoted to equities trader in 2006, received inside information about significant corporate events, mainly anticipated public announcements of mergers and acquisitions, which he used to place trades using accounts in his own name and of close family members.

Clarke made at least £155,161.98 from these investments, Southwark Crown Court was told.

"Insider dealing is a dishonest crime, not a means for city professionals to make money on the side," said Mark Steward director of enforcement and market oversight at the Financial Conduct Authority.

"Mr Clarke abused the trust that came with a city career by cheating the system and, in doing so, he let down the expectations of the whole community. The FCA remains dedicated to stamping out market abuse in all its forms.”