Newton's Wilmot snaps up Barclays after sell-off

Richard Wilmot, manager of Newton's £1.3bn UK Equity fund, has made a foray into the UK banking sector, snapping up shares in Barclays.

The Newton manager, who has avoided banks recently, now has 1.9% of his fund in Barclays, making it his tenth largest holding. Wilmot has been bearish on the banks for some time, warning the sector remains "incredibly challenged". However, he has now moved to take advantage of the sell-off in Barclays, alongside a number of fund managers who have bought banks after the LIBOR scandal hit stock prices. Barclays has seen its share price plunge from highs of 207p per share at the end of June to around 160p today. It sold off after being hit with a £290m fine for its role in the LIBO...