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Aberdeen Asset Declines on Credit Suisse Sale: London Mover

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Aberdeen Asset Management Plc CEO Martin Gilbert
Aberdeen Asset Management Plc was founded in 1983 by a group including current Chief Executive Officer Martin Gilbert. Photographer: Pierre Virot/Bloomberg

Feb. 29 (Bloomberg) -- Aberdeen Asset Management Plc fell the most in a year after Credit Suisse Group AG sold shares in the Scottish firm at a 5.3 percent discount to yesterday’s closing price.

Credit Suisse offered as many as 57 million shares at 240 pence apiece, according to terms of the offering obtained by Bloomberg, in a sale managed by the Swiss bank and Barclays Plc.

Aberdeen declined as much as 7.3 percent in London trading, the biggest drop on the FTSE 250 Index and the stock’s sharpest intraday decline since Feb. 10, 2011. The shares were down 5.6 percent at 239.20 pence at 9:18 a.m.

Today’s sale comes after Credit Suisse sold a 5 percent stake in Aberdeen Asset Management on Feb. 24, reducing its holding to less than 15 percent. The earlier disposal, which the Swiss bank said was for regulatory reasons, left Mitsubishi UFJ Financial Group as Aberdeen’s largest investor. It owns almost 18 percent of the company, according to Bloomberg data.

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

Aberdeen, which manages investments for institutions and individuals, had $270.3 billion under management and advice as of Dec. 31, according to its website. The firm was founded in 1983 by a group including current Chief Executive Officer Martin Gilbert.

To contact the reporters on this story: Adam Haigh in London at ahaigh1@bloomberg.net; Alexis Xydias in London at axydias@bloomberg.net

To contact the editors responsible for this story: Andrew Rummer at arummer@bloomberg.net; Mark Gilbert at magilbert@bloomberg.net

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