Phoenix Cos. Inc. sold its 16.2% stake in Aberdeen Asset Management for £38.1 million ($71.6 million), said Alice Ericson, Phoenix spokeswoman. She noted that Phoenix expects to report a $30 million pre-tax gain on the sale. The move was part of Phoenix's plans to shed non-strategic assets, she added. Phoenix Investment Partners is the asset management subsidiary of Phoenix; Aberdeen had been subadviser for some Phoenix Investment funds for several years but now is subadviser for only one fund.
Aberdeen recently agreed to pay £74 million as part of a settlement with clients of split-capital trusts related to an investigation by the U.K.'s Financial Services Authority.
Goldman Sachs managed the stock sale.