Credit Suisse has sold its entire stake in UK-listed Aberdeen Asset Management, a source close to the deal has confirmed.

The Swiss bank sold 80 million shares, or 7 per cent of the asset management firm, for between £2.45 ($3.84) and £2.55 at the beginning of the week. The shares are believed to have been bought by a mix of UK and international institutional investors.

Credit Suisse acquired 23.9 per cent of Aberdeen in 2009 for £1.77 per share, and has sold down its stake in four rounds since August last year. The bank declined to comment on the rationale behind the sale when contacted by this publication.

Aberdeen, with £184.7 billion in assets under management at the end of March, made a profit before tax of £162.2 million in the six months to 31 March, up 14 per cent on the same period a year before. The asset manager also logged revenues of £413.1 million between October and March, representing a 7 per cent increase compared with the first six months of the firm’s previous financial year.