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
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
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
-
UK property market forecast: where are house prices heading?House prices have climbed in the past few years, but the long-term outlook for the housing market is poor, says Max King
-
Next-generation dividend heroes: the top-yielding investment trusts of the future?The Association of Investment Companies has published its updated list of next-gen dividend heroes. We look at the trusts that made the cut
