Schroders’ Buxton snapped up Barclays amid Libor chaos
Schroders’ £2.7bn UK Alpha Plus fund manager Richard Buxton bought up Barclays shares, when chief executive Bob Diamond stepped down amid the bank’s attempted Libor rigging scandal.
The UK equity veteran said Mr Diamond’s departure was a key development in the ongoing crisis at the bank - it was “a clear catalyst for change”, the manager said.
It emerged last week that Jupiter Asset Management’s £435m Financial Opportnities fund manager Guy de Blonay made a similar move - taking advantage of Barclays share price weakness amid the scandal.
Barclays was fined £290m by UK and US authorities after it allegedly adjusted its Libor interest rate submissions. Libor is the London Interbank Offered Rate - a measure of the rates banks are charging to lend to each other.
Elsewhere, Mr Buxton said he had also written to the bank to ask whether it believed its replacement chief executive should come from inside or outside the bank.
“Our strong preference would be for an external candidate,” he said.
He added that he agreed with other commentators who have warned that other UK banks will be dragged into the scandal in the coming months.