Italian authorities cleared New York-based investment firm BlackRock of alleged insider trading tied to the sale of Saipem shares in 2013.

Italian market regulator Consob dismissed all charges against BlackRock and portfolio manager Nigel Bolton, Reuters said.

“Nigel continues as the team leader for European equities and CIO for international fundamental equities,” BlackRock said.

Regulators opened an investigation into BlackRock in 2013 after the firm sold 2 percent of its Saipem stock in January of that year, ahead of a profit warning from Saipem.

When the probe was announced, BlackRock maintained that the sale had been made using publicly available information.

Saipem, a services firm, is a partially owned subsidiary of Italy’s Eni.

Consob was also looking into whether BlackRock had obstructed the insider trading probe.

BlackRock told Reuters the obstruction allegations were dismissed by Consob several months ago.

“BlackRock welcomes the decision by the Italian regulator Consob to dismiss all charges against Nigel Bolton and the firm,” the firm told Reuters.


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