hsbc

Funds with heavy exposure to financials are at the bottom of the IMA China sector over six months, as China's banking reforms caused a savage sell-off in financial stocks.

The FTSE 100 started the second half of the year positively after promising Asian numbers were followed up by a strong showing from the UK's own manufacturing sector.

CONTRARIAN

Fund managers have identified a buying opportunity for Lloyds Banking Group shares, following Chancellor George Osborne's announcement the government will start selling off its 39% stake in the bank.

Henderson Global Investors has reopened its UK Absolute Return strategy, managed by ex-Gartmore duo Luke Newman and Ben Wallace, Investment Week can reveal.

Global banking giant HSBC has warned a further 14,000 jobs are at risk over the next three years.

Concerns raised by ratings agencies, analysts and hedge funds have pushed bank shares lower this morning as the FTSE 100 snaps seven straight days of gains.

Fund buyers are calling on iShares to review the pricing of its range of UK exchange-traded funds (ETFs), especially the mainstream vehicles that are charging substantially more than their peers.

HSBC has reported profits doubled in the first quarter of the year compared to the same period in 2012 as the lender nears the end of a three-year restructuring programme.

MUMFORD