Mark Lyttleton, a former senior UK equity manager at BlackRock, today emerged as one of the biggest names in fund management to be arrested in connection with suspected insider dealing.

Lyttleton was arrested by the City of London Police last month, according to a person familiar with the situation. His arrest follows a big crackdown on alleged insider trading by the Financial Conduct Authority, which together with its predecessor the Financial Services Authority has secured 23 convictions since 2009. The regulator is currently pursuing seven prosecutions.