Buxton builds financials exposure with 'undervalued' banks

Likes Barclays, HSBC and Lloyds

Old Mutual Global Investors' Richard Buxton has been increasing his allocation to UK banks, including "ludicrously undervalued" Barclays.

Buxton (pictured), manager of the £2.3bn Old Mutual UK Alpha fund, currently has exposure to UK banking via HSBC, Barclays and Lloyds Banking Group.  "Banks were dull during 2015, they all underperformed despite making further progress in their journey to rehabilitation. But they have not reached the promised land yet," he said. Over one year, the share price of Barclays is down 23%, HSBC's shares are 22% lower and Lloyds has declined 15%. Buxton added to all three firms in 2015 and is keen to top up these holdings further, particularly Barclays which he feels is "ludicrously under...