Waddel & Reed sell-downs

Waddell & Reed exits Citic Securities and CPIC

The US asset manager raises a combined $552 million from two transactions, which were completed on the same night that AIG was in the market selling AIA shares.
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Waddell & Reed raised HK$1.8 from the sale of its entire stake in Citic Securities
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<div style="text-align: left;"> Waddell & Reed raised HK$1.8 from the sale of its entire stake in Citic Securities </div>

US asset manager Waddell Reed has exited two of its investments in Hong Kong-listed companies, raising a combined $552 million. The two transactions were done late on Thursday, the same day as AIG sold $2 billion worth of shares in AIA, making it one of the busiest sessions for Hong Kong block trades in a long time.

Waddell Reed raised HK$1.76 billion $227 million from the sale of its entire stake in Citic Securities and another HK$2.52 billion $325 million by offloading its remaining shares in China Pacific Insurance Group Co, or CPIC. Both deals were arranged by UBS, which has a strong relationship with...

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