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US Banks in 'Much Better' Shape Than '08-'09: Asset Manager

Despite market uncertainty, now is "a great opportunity to buy," Patrick H. Daugherty, partner with Highland Capital Management, told CNBC Tuesday.

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Mitch Hrdlicka | Photodisc | Getty Images
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Daugherty is responsible for management of over $8 billion in assets, including stressed, distressed, and private-equity investments.

"It's very different from the time period in 2008, 2009, when you had this liquidity crisis, which was a downward cycle and asset prices kept pricing lower and lower and lower," he said.

The American banking system is "much better than it was at that time period," added Daugherty.

"Frankly the hedge funds are in much better shape," he said. "Why? Because they haven't had the opportunity to lever-up like they did going into 2008, 2009."

However, Bank of America's shares have recently taken on a downward momentum, falling as much as 6.4 percent to their lowest level since March 2009.

"They're still a giant, they're a formidable force. They and JPMorganbasically dominate new issurance and coporate debt," Daugherty said. "They have not only their shareholders and management pulling for them, but at the end of the day they have the federal government pulling for them."

Bank of America hasn't done a great job delivering the message, he said. "I think they tried. The CEO gotten out and made the rounds, but I think it needs to be hammered home," said Daugherty.

Daugherty did point out that of all the things that have come out on Bank of America it was interesting that the bank has not sold it's large stake in China Construction Bank.

"Why hold on to that? I understand trying to maximize and get top dollar, but when you're trying to show people that your fortifying your capital structure...that was a little bit curious," he concluded.

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