Rathbones' Thomson returns to banks on Global Opps fund after decade

Cuts UK exposure

James Thomson, manager of the £828m Rathbone Global Opportunities fund, has bought into selected banks for the first time in more than ten years, while reducing his UK exposure following the Brexit vote.

Thomson (pictured), who runs the fund alongside assistant manager Sammy Dow, has taken positions in American private bank First Republic Bank and Sweden's Handelsbanken. With the two new holdings totalling 4%, the portfolio's financials exposure has now increased to 15%; a marginal overweight relative to the IA Global sector average of 14.1%. In general, Thomson remains cautious on banks, saying they are too cyclical and have suffered throughout the global recession from an aggressive pursuit of growth, stemming from an over-dependence on the glut of central bank stimulus across devel...