Shots were fired into a car by a gunman on a motorbike.

The identity of the dead man has not been released by the police.

The victim's three-year-old daughter and another male passenger in the BMW car escaped injury although the child was treated for shock.

It is concerning the attack happened close to a local school and the lives of young people could have been put in jeopardy

Tom Hamilton UUP

A caller to a newsroom, using a recognised codeword, said in a statement the dead man was a senior member of the Loyalist Volunteer Force.

The police said it was too early to speculate on a motive for the killing but one theory understood to be under consideration by detectives is that it was linked to drugs.

The shooting took place at about 1135 BST at Circular Road in the town, where the car was parked near the entrance of Regent House Grammar School.

'Broad daylight'

A police spokesman said two people were on the motorcycle. It was seen speeding away in the direction of Ards Shopping Centre.

The police have appealed for information.

Iris Robinson: "An horrific attack"

Security Minister Jane Kennedy described it as a "cold blooded and barbaric murder".

"Another man has effectively been executed by cold-blooded gangsters who believe they are above the law.

"This barbaric murder could have been even more tragic, as it was carried out while a very young child was in the car," she said.

Deputy First Minister Mark Durkan condemned the murder and said it was a senseless act. He said "dark and sinister elements" were at work.

The Democratic Unionist MP for the area, Iris Robinson, described the murder as "an horrific attack".

"We should also be thankful that the burst of gunfire which killed this man did not kill others especially pupils attending nearby Regents House school," she said.

Ulster Unionist assembly member Tom Hamilton condemned the shooting.

"No cause is worth the taking of a life. It is disturbing that such an attack took place in broad daylight and that the life of a young child was also put at risk," he said.

"It is also concerning that the attack happened close to a local school and the lives of young people could have been put in jeopardy."