SLI's Legget: Why it is time to take profits on banks

Standard Life Investments' top performing UK equity manager Ed Legget has trimmed his banking exposure, taking profits on RBS after a strong first quarter.

Legget has also reduced his stakes in Barclays and Lloyds, on the £457m Standard Life UK Equity Unconstrained fund amid concerns over the long-term impact the continued uncertainty over the eurozone will stunt growth across the sector. Legget now has under 5% in UK domestic banks after buying heavily into the sector during last summer's steep market correction. RBS posted a 34% gain during the first three months of the year, rising from 20.8p to 27.6p, which prompted the manager to take profits. He also bought a 3% stake in Barclays, after its share price fell 20% in the space of t...