Henderson manager buys banks
Banks must simplify products to avoid regulationHenderson also said he had been buying some housebuilders and some smaller property companies such as Great Portland Estates Plc and St Modwen Properties Plc.
"They (housebuilders) are trading substantially below NAV (net asset value), which to me is a good signal," he said.
"There's scope to cut costs. They can sell out of inventory for a year or two. Earnings won't look so good, but balance sheets will be stronger (because cash levels will rise). In two-to-three years' time they could trade on 1.5 times NAV."
He has also been buying engineering stocks such as Delta Plc and Senior Plc.
"The industrial area has come through with reasonably strong earnings growth. If miners' share prices are right, it suggests global economic activity will keep going, and I'd rather own engineers."
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