Himsworth: Investing in banks now is huge gamble

Eden Financial's Leigh Himsworth has ruled out the prospect of buying into any of the UK's five banks after launching his £10m UK Select Opportunities fund.

Himsworth said even the brightest analysts in the city fail to understand banks' accounts, adding fund managers who were holding banks only did so because of pressure not to deviate too far away from the index. "If you are investing in Lloyds at 30p and expect it to double to 60p then you are basically putting all of your money on red," said Himsworth. "Fund managers cannot understand their accounts and by not knowing what their accounts are like you are risking your clients' money." The former Gartmore fund manager has instead opted to buy into asset managers, making financials an...