Ignis' Bowie: Why backing the banks was my best call post-Lehmans

The past three years have been a tumultuous time for the financials sector, which has seen a phase of deleveraging, rights issues and balance sheet repair which continues to this day.

Consequently, it is unusual for a fund manager who took over at the beginning of the financial crisis to say sticking with his banking positions has been the best call he made during this time. In 2008, Chris Bowie took over the Ignis Corporate Bond fund and decided to hold on to the UK bank debt in the portfolio, only reducing it two years later. The head of credit portfolio management said the call was a major contributor to the fund’s top decile performance and he is pleased he did not give into voluntary exchanges offered at the time. The £250m Corporate Bond fund is ranked fifth...