Ignis dumps BP bond exposure

Ignis' Chris Bowie removed the group's entire credit exposure to BP last week, claiming there is not enough clarity on the oil giant's current turmoil.

Bowie, the Ignis head of credit portfolio management, says the group did not have a large BP position, just £6m across all its entire range. However, the manager says the uncertainties surrounding the fallout from the Gulf of Mexico disaster led the team to remove the risk associated with the position. "The outcome is so difficult to even take a guess at. There is no transparency at all," Bowie says. "There is also political meddling associated with BP. From our perspective, there is no need to take the risk. We do not believe it will default, but there is just not enough clarity. ...