Buxton: Why I snapped up more Barclays shares when Diamond quit

Schroders' head of UK equities Richard Buxton bought more Barclays shares the day chief executive Bob Diamond quit, he has revealed.

The manager of the £2.7bn UK Alpha Plus fund, which celebrates its ten year anniversary this week, has been a long-term backer of some of the UK’s major banks, despite their well publicised troubles. He said the latest scandal involving manipulation of LIBOR rates has not put him off holding banks, and he has been topping up his Barclays holding on share price weakness in recent weeks. “I have bought more Barclays from the moment Bob resigned as it was a catalyst for change,” he said. “Yes, there is the risk of class actions but I think proving what took place was of material disadvan...