Buxton: It may be too late to stop HSBC quitting UK

Old Mutual Global Investors' UK equity head Richard Buxton believes it may be "too late to save HSBC" as the company considers redomiciling its headquarters.

In a webcast for investors in his £2.1bn UK Alpha fund, the manager said speculation that the Treasury may reform its bank levy may not be enough to keep the bank in the UK. HSBC announced plans to review its domicile earlier this year, with the levy being blamed as a major factor behind its decision. The bank followed that announcement by last week unveiling plans for a "pivot to Asia" at its strategy day. Buxton, who has 4.5% of his fund invested in the company, said he believes Chancellor George Osborne will announce in the July Budget a plan to ensure the bank levy only falls on f...