Bloomberg News

Credit Suisse Sells 5% Stake in Aberdeen Asset Management

February 27, 2012

(Updates with confirmation from Aberdeen in final paragraph.)

Feb. 24 (Bloomberg) -- Credit Suisse Group AG sold a 5 percent stake in Aberdeen Asset Management Plc, reducing its holdings in the Scottish firm to less than 15 percent.

Canaccord Genuity and Singer Capital Markets managed the sale for Aberdeen’s largest shareholder, placing about 55 million shares at 240 pence a share, or 132 million pounds ($209 million), according to two people familiar with the sale who declined to be identified because the transaction is private.

Aberdeen issued 207.5 million new shares to Credit Suisse after completing the purchase of some Credit Suisse funds in 2009. The Zurich-based firm originally held a stake equivalent to 23.9 percent of Aberdeen following the transaction. As of December last year, the bank owned 19.8 percent, Bloomberg Data shows.

Aberdeen’s shares lost 1.6 percent to 248.9 pence at 2:01 p.m. in London today, falling for a fifth consecutive session. The stock has still gained 17 percent so far this year.

James Thorneley, a spokesman for Aberdeen confirmed Credit Suisse had reduced its stake in the company, while a spokeswoman from Credit Suisse declined to comment. Bobby Morse, a spokesman for Canaccord also declined to comment when contacted by Bloomberg News.

--Editors: Francis Harris, Jon Menon

To contact the reporters on this story: Adam Haigh in London at; Sarah Jones in London at; Peter Woodifield in Edinburgh at

To contact the editor responsible for this story: Andrew Rummer at

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