Clerical Medical is favouring US banks with limited domestic exposure including those with investmen...
Clerical Medical is favouring US banks with limited domestic exposure including those with investment banking operations and regional banks with defensive characteristics. The US regional banks have been underperforming over the past 12 months with the market pricing in an economic downturn. The S&P Major Regional Banks index is down by 21.79% in dollar terms in the 12 months to 14 February compared with an 11.92% rise in the S&P 500 over the same time period. James McLellan, US fund manager at Clerical Medical, is positive on the banking sector and holds banks including Mellon Financial ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes