Philip Gibbs, the financials specialist who made money through the 2008 crisis by avoiding banks, has once again pulled hundreds of millions of pounds out of the sector – placing more than half of his portfolio in cash.

Gibbs manages the £1.2bn (€1.3bn) Financial Opportunities fund for Jupiter Asset Management. At the end of February, 52% of his fund was invested in cash, according to the most recent figures, compared with 13% at the end of 2009. Jupiter declined to comment on his fund's current position.