UK managers boost big bank exposure in RBS rush

Fund managers have been clamouring to add banks, including RBS and Lloyds, to their portfolios ahead of a rate rise from the Bank of England.

GLG's Henry Dixon has been increasing his position in RBS throughout 2015 on his £365m Undervalued Assets fund, while Simon Brazier, manager of the Investec UK Alpha fund, and Dan Hanbury, manager of the River & Mercantile UK Unconstrained fund, have bought the bank for the first time since the financial crisis.  RBS has made seven successive annual losses, but signs of light have emerged this year after chief executive Ross McEwan announced a major restructure in February. HM Treasury also unveiled plans to sell its 80% stake in the business, which could begin as early as this week acco...