Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a601340
Credit Suisse sells 7% Aberdeen stake
by Sarah Miloudi on Jul 03, 2012 at 07:15
Credit Suisse has sold its remaining 7% stake in Aberdeen Asset Management.
The 80.4 million shares were put on the market at 4.30pm on Monday and were snapped up within 15 minutes, going between a range of 245p and 255p.
Investment bank Credit Suisse initially had a 25% stake in the asset manager, which is headed up by Martin Gilbert (pictured). It acquired the position following the completion in June 2009 of Aberdeen's acquisition of various Credit Suisse asset management businesses.
Shares in Aberdeen, which earlier this year entered the FTSE 100 index, ended Monday's session at 264.7p. Yesterday's sale was met with strong demand from UK and institutional investors.
When Credit Suisse took on the shares on 1 July 2009 they were priced 127p each, so yesterday's close at 264p represents a gain of around 107% over the three years.
More broadly, Aberdeen's share price has risen by around 77% over two years, and at its most recent half-year report to investors, unveiled on 30 April, Gilbert told shareholders that the company's revenue had climbed 7% to £413.1 million, while its underlying profit before tax had reached £162.2 million, representing a gain of 14%.
News sponsored by:
Subscribe to Wealth Manager to get the inside track on your rivals' moves
Keep up to date with how your peers are allocating their clients' assets by subscribing to Wealth Manager magazine.
Today's top headlines
More about this:
Look up the shares
More from us
Aberdeen Live supplement: Fundamentals point to ongoing flows and solid returns from EMD
After a record year for inflows and market-leading performance in 2012, emerging market debt has taken a large step towards the mainstream. Our recent debate covers the outlook for the asset class this year and where opportunities can be found.
On the road