U.K.’s Financial Conduct Authority has dropped an insider trading investigation into a trio of hedge fund managers it arrested earlier this year.
Financial News reported that Lodestone Natural Resources founding partners Tim Whyte and Carl Linderum, as well as former GLG Partners portfolio manager Carl Esprey were not charged with any crime since their arrests in February.
According to the article, Whyte said in a statement that he is “pleased” that he has been “completely cleared of any inappropriate behavior,” while Linderum’s lawyer revealed that his client is “delighted the case has been dropped and feels that it’s a reflection of the evidence that the case has been discontinued.”
Brevan Howard alumni Whyte and Linderum launched Lodestone last year, which shut down following the pair’s arrests. Esprey traded the equities of natural resource companies at GLG, an asset management subsidiary of Man Group.