Ryan anticipates further pain for UK banks

Aegon UK Opps manager maintains underweight stance on financials but keeps faith with 'survivor' high street outlets

Aegon Asset Management's Audrey Ryan is maintaining an underweight in financials on UK Opportunities but believes HSBC could be an exception to the rule. Having just passed her second anniversary on the fund, Ryan expects further pain in the UK banking sector throughout 2009 and into 2010, but is remaining loyal to the high street bank, seeing it as a survivor stock. The fund returned -36.2% over one year according to Morningstar against an IMA UK All Companies sector average of -36.5%. Ryan, who can hold 40-60 stocks and currently owns 48, says her key focus in 2008 and this year has...