Waddell & Reed raises $550 million from Citic, CPIC stake sales: IFR

Fri Sep 7, 2012 12:07am EDT
 
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HONG KONG (Reuters) - U.S. asset manager Waddell & Reed (WDR.N: Quote) raised about $550 million from stake sales in two Chinese companies, IFR reported on Friday, citing term sheets of the transactions.

The fund firm sold 112.7 million Hong Kong-traded shares of China Pacific Insurance (Group) Co Ltd (CPIC) (2601.HK: Quote) for HK$22.4 each, raising HK$2.52 billion ($325 million), said IFR, a Thomson Reuters publication.

Waddell & Reed also sold 146.3 million shares in Citic Securities (6030.HK: Quote), China's largest brokerage, for HK$12.05 each, garnering HK$1.76 billion, added IFR.

UBS UBSN.VX acted as sole bookrunner on both deals, it added.

(Reporting by Fiona Lau; Writing by Elzio Barreto; Editing by Muralikumar Anantharaman)