Managers stick with BP despite £11bn loss

Fund managers have shown their support for oil giant BP despite its record $17bn (£11bn) loss in the second quarter.

The group reported the loss this morning and also confirmed Tony Hayward will step down as chief executive in October. He will be replaced by Bob Dudley, who is currently in charge of the Gulf of Mexico oil spill cleanup operation. However, fund managers say BP has already started to take positive steps to get the business back on track after the disaster. Tineke Frikkee, manager of the Newton Higher Income fund, has a 7.2% holding in BP. Before the announcement she reassured investors she has been comforted by meetings with senior management as well as the suppliers to the leaking Ma...