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Home > Investments > UK

BlackRock, Pru and L&G lead StanChart exposure list

Major fund groups have high weightings in Standard Chartered, which saw its shares lose a fifth of their value in two days.

By Bradley Gerrard | Published Aug 08, 2012 | comments

Funds from BlackRock, Prudential and Legal & General have major weightings in troubled bank Standard Chartered, Morningstar data suggests.

The bank, which makes up 2 per cent of the FTSE 100 index and 1.7 per cent of the FTSE All Share index as at July 31, is under pressure from claims by US regulators that it concealed Iranian transactions.

Standard Chartered strongly denies the accusations, insisting it has complied with US sanctions on Iran, but its London-based shares shed 21.6 per cent overall in trading on Monday and Tuesday this week.

The most exposed fund to Standard Chartered, according to historic portfolio data from Morningstar, was the BlackRock UK Focus fund, which launched in October last year and is managed by Luke Chappell and Imran Sattar.

The fund had a giant 8 per cent of exposure as at the end of June.

BlackRock has two other funds in the list according to the data, which does not show whether the funds may have sold down their holdings in the bank since the data was collected.

L&G’s UK Special Situations fund, managed by Matt Fletcher, had 5.4 per cent of exposure at the end of April. On the fund’s March factsheet, Standard Chartered is listed as a 3.8 per cent overweight position.

Other major groups with large exposures to the bank included Newton, whose Oriental manager Jason Pidcock had more than 5 per cent exposure at the end of April.

Elsewhere, Aberdeen Asset Management yesterday said it owned 6 per cent of Standard Chartered across its fund range.

Fund

Date

Portfolio weighting (%)

BlackRock UK Focus fund

30 June 2012

8

Prudential Ethical Trust

30 April 2012

5.9

L&G UK Special Situations Trust

30 April 2012

5.41

Newton Oriental

30 April 2012

5.34

Pru Socially Resp Corp Pen

31 May 2012

5.33

ConBrio UK Opportunities fund

30 June 2012

5.2

Melchior UK Opportunities

30 April 2012

5.16

Manchester & London

31 July 2012

4.95

Premier UK Alpha Growth Fund

30 June 2012

4.86

Edinburgh Dragon Trust

29 February 2012

4.79

Lazard UK Omega Fund

30 April 2012

4.67

Aberdeen UK Opportunities

29 February 2012

4.57

L&G Equity Trust

30 April 2012

4.23

BlackRock UK Specialist Fund

30 April 2012

4.19

BlackRock UK

30 April 2012

4.16

Baillie Gifford UK Equity Alpha Fund

31 March 2012

4.15

Ignis Balanced Growth Fund

30 June 2012

4.10

F&C UK Alpha Fd

30 June 2012

4.09

Aberdeen UK Growth

30 June 2012

4.06

Aberdeen Responsible UK Equity Fund

30 June 2012

4.05

Source: Morningstar

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