Martin Currie's Walker returns to US banks

Martin Currie's Tom Walker has bought back into US banks for the first time in three years on expectations the sector will return to pre-crisis norms.

Walker (pictured), managing the £248m Martin Currie North American fund, had been underweight banks for some time but has moved to an almost neutral position over the last year. "Before the financial crisis, UK banks were viewed as the popular holdings in income funds because they were low growth and high dividend yielding stocks. US banks are heading back to this era," said Walker. He has added regional banks PNC Financial Services, Fifth Third and credit card company Discover Financial Services, saying the US banking sector is in a much better state than its European counterpart due...