Artemis managers Adrian Frost and Adrian Gosden have bought into Lloyds Banking Group as the bank's share price nears the point at which the government bought in during the financial crisis.
The pair have opened a new position in the bank in their £5.5bn Artemis Income fund, citing the possibility of the bank restarting dividend payments once it returns to annual profitability. Shares in the bank are up over 100% in the last year, closing above 60p yesterday for the first time since April 2011, and close to the crucial 61.2p rate at which the government purchased its stake in 2008. At Lloyds' annual shareholder meeting yesterday, CEO Antonio Horta-Osorio said he was confident the firm would return to profit after a £570m annual loss in 2012. Chairman Win Bischoff told ...
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