Standard Chartered probe strikes cruel blow to fund managers

STANDARD CHARTERED

Before yesterday's news broke, the name Standard Chartered seemed to stand tall from the stricken banking sector as a beacon of hope in an otherwise desolate landscape.

Fund managers who would not touch the majority of banks and other financials did not have the same reservations when it came to Standard Chartered. In fact, the UK-based bank was often used as the exception to the rule when fund managers commented on the beleaguered sector. The bank had managed to escape the worst of the fall-out from the aftermath of the Lehmans crisis and prided itself on not being implicated in the recent LIBOR scandal. Managers like Richard Buxton were attracted by its global reach, especially into lucrative emerging markets. The bank was even one of the top five ...