Former Schroders trader charged with insider dealing

Scales justiceThe Financial Conduct Authority has charged former equities trader at Schroders Investment Management Damian Frank Clarke with nine counts of insider dealing.

Schroders says Clarke was dismissed in Feburary last year for “gross misconduct”.

In a statement, the UK regulator says the offences relate to trading in shares and spread bets between October 30, 2003, and November 28, 2012.

Clarke has been bailed to attend City of Westminster Magistrates Court on July 4.

Schroders says the nine counts of insider trading were related entirely to the individual’s personal actions.

“Schroders does not tolerate any behaviour that is counter to our core value of integrity,” the asset manager says. “This individual was dismissed summarily in February 2013 for gross misconduct.”

Schroders says it has not been subject to any investigation, adding that “there is no indication of any detrimental impact on our clients or financial results”.

Schroders is not able to disclose further details given the ongoing prosecution of Clarke.

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