CITY INVESTMENT MANAGER FACES JAIL

A former Blackrock portfolio manager who traded whilst knowing of a proposed takeover and an oil discovery in Greenland faces up to seven years in jail for insider dealing.

Mark Lyttleton, 45, dealt in shares and call options in oil and energy between October and December 2011, while having the inside information.

At Southwark Crown Court today (wed), Lyttleton pleaded guilty to two counts of insider dealing.

Wearing a grey suit, white shirt and blue tie, he showed no emotion in the dock during the short hearing.

The maximum jail term for insider dealing is seven years, although the judge said he would give credit for his early pleas.

The first charge states that between October 1 and 13 2011, while being an individual who had information as an insider which related to a proposed takeover of a particular issuer of securities, namely Encore Oil Plc, he dealt in securities.

This involved 175,000 ordinary shares in Encore Oil Plc that were price affected securities in relation to that information.

The second count states that between November 4 2011 and December 17 2011, while being an individual who had information as an insider which related to the discovery of oil in Greenland, being a particular issuer of securities, namely Cairn Energy Plc, he dealt in securities.

This involved 120 Call Options in Cairn Energy Plc that were price affected securities in relation to that information.

Sentencing was adjourned until December 21 for psychological reports to be carried out into his “extraordinary behaviour”.

Patrick Gibbs QC, defending, told the court: “The court will be assisted, in our submission, into some insight into the psychology into this otherwise rather extraordinary behaviour.”

Prosecutor Zoe Johnson QC said it was not expected a confiscation hearing would be needed, as Lyttleton had offered a voluntary payment.

She said: “It is anticipated that once a document is put together by those instructing us, there will be a voluntary payment so confiscation proceedings will be avoided. That is the expectation.”

Lyttleton, of Hampstead, north west London, was granted conditional bail.

The terms includes a condition of residence at his London home, and permission to travel to France or Monaco provided he gives 24 hours notice to the FCA.

While Lyttleton lives in the UK, his wife and children live in France, Mr Gibbs said.

Judge Anthony Leonard QC told Lyttleton: “Your pleas at this early stage will be taken into account to your advantage when you are sentenced on the 21st of December.”

Lyttleton and his wife Delphine were first arrested at their home in 2013, but she was dropped from the inquiry last year, it was reported.

Last month, the FCA announced it had charged Lyttleton with three counts of insider dealing, but one was later dropped.

Lyttleton started his career in finance at Mercury Asset Management, which was acquired by Merrill Lynch & Co. in 1997, and was then sold to BlackRock for $9.4 billion in 2006.

Lyttleton was responsible for running equity funds for institutional pension funds before moving to the retail fund division in 1999, according to his LinkedIn page.

It states that while he was there, he ran the UK equity funds, and the UK Absolute Alpha fund.

He left BlackRock in March 2013, and is now a personal coach, mentor and angel investor, according to his LinkedIn profile.

Seven out of ten Brits admit their finances are ‘in a mess’, research revealed yesterday.

A detailed study of 2,000 adults found a large percentage of us have forgotten about old accounts, have no idea how much interest we are paying on credit cards and have even lost track of all our outgoings.

A quarter of adults admit to being terrible with money, while 40 per cent say their outgoings are too high.

Consequently, 53 per cent of people are plagued with sleepless nights as they fret about their finances, and 26 per cent claim their relationship has suffered as a direct result of the mess they’re in.

Top money worries include not being able to ‘get through’ the month, as well as being unable to afford utility bills and basic necessities such as food and drink.

However, when it comes to getting financial help, only one in 10 people would consider approaching their bank.

Virraj Jatania, founder and CEO of Pockit, the world’s most inclusive bank, which conducted the poll said: “Sadly there are many people who struggle to make ends meet, either because they don’t earn enough money or because they have lost track of their personal finances.

“And in a climate where we know the value of the pound is dropping and the cost of basic living is going up, with shoppers being warned to expect price rises, this is very worrying.

“Our researchers found more than a third of people are choosing to not even look at their bank account, because they’re frightened of the consequences.  Often, there seems no way out for people who live on a tight budget.”

The study found six in 10 people constantly worry about being able to afford unexpected bills such as car repairs or home maintenance.

More than half panic knowing they’ll have to fork out for Christmas and Birthdays, and a quarter can’t make their wage packet last for the whole month.

Twenty two per cent of people say they can’t afford to go out socially, and 17 per cent are unhappy they’re unable to treat or spoil the children.

When it comes to knowledge of finances, a third of people admit they have lost track of old bank accounts such as ones they took out as a student years ago.

A fifth of those surveyed think they would be shocked if they were to learn exactly how much they owed on their credit cards. 14 per cent have no clue how deep into their overdraft they are.

Only 23 per cent of people polled know exactly how much money they have in their bank account, and only 14 per cent could say how much they owed on store cards and loans.

Sadly, four in 10 couples regularly have arguments about their finances, and one in 10 have ended a relationship because of money.

A further 13 per cent have had to take out a second job in order to boost their financial position, but one in 20 people have actually lost a job as a direct result of their worries.

Getting financial help has never been more difficult – according to a quarter of those polled.

Virraj Jatania, founder and CEO of Pockit continues: “Some people, through no real fault of their own, need a little help managing their finances, enabling them to get clever with their spending.

“We acknowledge there are millions of people who are frustrated by or shut out from traditional retail banks and the products and services they provide.

“Today this demographic face stark choices: stick to cash, which makes money management and saving all but impossible; use a friend or family member’s bank or credit card, which can be humiliating; or turn to pre-paid cards with their impenetrable small-print and hidden fees.

“However, there is light at the end of the tunnel. As a brand, Pockit can give anyone, even those with money troubles, access to a proper account, with a MasterCard and so on – without the usual credit checks and bureaucratic sign-up process.”

“This means that on occasions when an expected bill comes in, or a birthday is around the corner, people can budget or access the cash accordingly, because they’ll know exactly how much money they have available when they log into our app or online account.”

New coats, shoes, school uniform, jeans, jumpers – the list is never ending when you’re kitting your kids out for winter.

Money saving mum of two, Kayleigh Hughes, who blogs for PromotionalCodes.org.uk, has put together her tips for clothing your children without breaking the bank.

Hitting the charity shops and car boot sales are among her tips, as well as checking out online auction sites.

Kayleigh is also a regular at end of season sales and knows all the tips to bagging a bargain at the right time.

Kayleigh said: “Kids clothing can be a big never-ending bottomless pit of money. Just as you get sorted they grow out of them and you have to start over again but there are some great ways that you can save money.

“Charity shops are a great place to pick up a bargain and more often than not you can find great items with the tags still on.

“Car boot sales are brilliant for baby clothes as are new to you sales which are specifically for babies and children.

“It’s always worth checking out sales on the high street too. Wait till the sales are almost over and prices at their lowest and you’ll be surprised at how little you’ll pay.”

Here are Kayleigh’s tips for kitting your kids out on a budget.

Charity shops

Finding treasures in charity shops can be great for savings. I’m a regular visitor and the number of items I’ve found for my boys still with tags on is crazy.

I’ve found tops, pjs, trousers, shoes and much more and I’ve never paid more than £2 for an item. You do have to make regular visits, as you won’t find everything your looking for in one shop, but after a few visits you will find lot of items that can be ticked off the list.

Car boots

I love car boots for baby clothes. I bought a lot of things for both my boys from car boot sales.

Babies grow out of clothing so fast that a lot of items I found were either brand new or only been worn a handful of times. I always came across boxes of clothes, mostly 50p an item, and after a dig around for the best bits I could kit my boys out with bags full of items for a lot less than buying brand new.

Online sale sites

Places like eBay and Gumtree are great for finding new or nearly new unwanted items for kids.

When Jax was tiny I bought quite a few bundle deals of clothing from eBay. I’d pay around £5 for a big bundle of often labelled items that were in great condition which meant I could get a whole wardrobe full of clothes for him for a fraction of the price I’d pay in store.

Same with Gumtree – keep your eye out for bundle deals of unwanted clothing items. One of the great things with Gumtree is you can check the quality of the items before paying for them so you can make sure you’re buying quality items.

Sales

Buying for the next season is a great way of bagging deals. For example buying for winter in summer and vice versa. You can save so much doing it that way.

Also, unless there’s an item you have your eye on, don’t rush to the sales as towards the end the prices will drop to the lowest and that’s the best time to pick up great savings.

Last summer I got my son JJ four pairs of winter boots in the sale in various sizes as they were only £2 a pair. They started at £12 went to £8 in the sale but in the last few days were reduced to £2 to get rid of them. That was the perfect time to buy them for the next few years.

New to you sales

Very similar to car boots but they are specifically for baby and children items and are great places to grab nearly new bargains.

They are always advertised online so take a look and see if you can find one in your area.

ENDS