Barclays director keeps the faith

Sir Michael Rake, the Senior Independent Director of Barclays, has upped his stake in the firm less than a week after the global bank was downgraded by Fitch Ratings.

Rake, who is currently also Chairman of telecommunications firm BT Group and Chairman of Easyjet, bought up 5,914 ordinary shares at 167.23p per share, taking his total to 35,213 shares in the firm.

His decision to make the purchase comes just days after the firm suffered the downgrade, which the ratings agency said was as a result of growing risks arising from both economic developments as well as a "myriad of regulatory changes".

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Barclays' rating was cut by two notches, from A to AA-.

The banking giant also learned that its auditor, Pricewaterhouse Coopers, is to be investigated by the Accountancy and Actuarial Discipline Board. The board is investigating the auditor's role in reporting to the Financial Services Authority (FSA) on the firm's compliance with the FSA's client asset rules -the so-called CASS rules- which govern the protection of client money.

Top Director Buys

Aminex (AEX)

Director name: Mr F Derek Tughan

Amount purchased: 1,350,000 @ 3.25p

Value: £43,875

SEGRO (SGRO)

Director name: Mr David J R Sleath

Amount purchased: 20,000 @ 196.30p

Value: £39,260

Asian Citrus Holding (ACHL)

Director name: Mr Nicholas Smith

Amount purchased: 100,000 @ 33.60p

Value: £33,600

Accumuli (ACM)

Director name: Mr Nicholas J Kingsbury

Amount purchased: 335,052 @ 8.38p

Value: £28,077

IndigoVision Group (IND)

Director name: Mr Hamish M Grossart

Amount purchased: 10,000 @ 255.00p

Value: £25,500

SEGRO (SGRO)

Director name: Mr Justin Read

Amount purchased: 10,186 @ 196.30p

Value: £19,995

Severfield-Rowen (SFR)

Director name: Mr Chris Holt

Amount purchased: 10,572 @ 168.70p

Value: £17,835

SVG Capital (SVI)

Director name: Mr Lynn Fordham

Amount purchased: 8,197 @ 201.30p

Value: £16,501

Devro (DVO)

Director name: Mr Paul A Neep

Amount purchased: 5,900 @ 254.00p

Value: £14,986

Henry Boot (BHY)

Director name: Mr Jonathan James Sykes

Amount purchased: 10,000 @ 119.50p

Value: £11,950

Top Director Sells

Jupiter Fund Management (JUP)

Director name: Mr Philip Johnson

Amount sold: 60,000 @ 217.80p

Value: £130,680

__

NR