15th Feb 2019 09:50
LONDON (Alliance News) - Shares in Standard Life Aberdeen PLC fell on Friday after Mitsubishi UFJ Trust & Banking Corp sold its entire stake in the blue chip asset manager.
Standard Life Aberdeen shares were down 5.3% at 235.35 pence each, the worst performer in the FTSE 100 on Friday.
Mitsubishi UFJ sold 148.6 million shares, or 5.9% stake, at around 232p each, worth GBP349.3 million in total.
"Mitsubishi UFJ Financial Group is proceeding with the optimization of capital management in the face of tightened international financial regulations and changes in the business environment. In that context, MUFG is conducting a review of existing strategic investments by MUFG group companies from the viewpoint of strategy and capital efficiency," the Japanese bank said.
However, Mitsubishi UFJ said Standard Life Aberdeen would remain "an important partner" despite the sale.
Related Shares:
SLA.L