OMGI's Meier backs Barclays to clean up its act after 'falling on every banana skin'

Dividends rising again following cut

Old Mutual Global Investors' Ed Meier has upped his stake in Barclays following Sherborne Investors Management's activist investor Ed Bramson's move to take a significant stake in the bank earlier this year.

Meier, who took over the £182m Old Mutual UK Equity Income fund from Stephen Message at the start of 2017, said he viewed Barclays as a recovery stock after a tough decade since the global financial crisis. The bank has been unloved by many fund managers for its troubled investment banking arm with only one fund in the 86-strong IA UK Equity Income sector holding a larger amount than Meier. However, Meier said the bank has potential, particularly in light of the recent activist attack; Sherborne Investors' Bramson took a £580m stake in the banking giant earlier this year. He said t...