Few safe havens for financial fund managers

Managers of financial funds are able to beat FTSE Global Financial index over the past year but most still find themselves deep in negative territory

Managers of financials funds have found few safe havens in the sector over the past year but all managed to outperform the FTSE Global Financials index. After a turbulent 12 months featuring the credit crunch, Northern Rock, Bear Stearns and numerous write-offs, it is not surprising the funds are still in negative territory looking at annual figures. The Global Financials index is down 22% over the past year to 2 June in sterling terms, while financial funds in the Specialist sector range from -13.0% to -20.8% over 12 months to 26 May. Despite drastic falls in banking stocks and a sma...