Second bank bail-out fails to hearten defensive Gibbs

Jupiter's top-performing Philip Gibbs has received no encouragement from this morning's second bank ...

Jupiter's top-performing Philip Gibbs has received no encouragement from this morning's second bank bailout to shift from his defensive stance on financials. The Financial Opportunities fund manager has reiterated his view market and government policy makers have "consistently underestimated" the depth of the banking crisis and its effects on the global economy. While the manager increased the equity exposure in his fund from 13.76% to just over 22% at the height of the global banking crisis last October, he continued to build up the cash position to 34.6%. "I saw no reason to change ...