Buxton: Why UK banks can work through crisis

Schroders' Richard Buxton has defended his banking positions, saying troubled UK lenders could be returning 15% on equity by 2015.

The head of UK equities has 9% of his £2.5bn UK Alpha Plus fund in banks, with Lloyds among the fund’s top 10 positions at 3.5%. The manager also holds RBS, Barclays and Standard Chartered within the portfolio. Buxton said he is “confident” in the banks’ management and believes they will be able to work through their losses to become profitable businesses, adding share prices “could double from here”. “Everyone apart from me hates the banks. I do hate investment banks, but for UK banks, I do not think it has all been their fault as consumers played their part in taking out the debt in...