Aberdeen boosts Standard Chartered stake across fund ranges

Standard Chartered's second largest shareholder, Aberdeen Asset Management, has taken advantage of share price weakness to increase its stake in the lender across its fund and investment trust ranges.

Aberdeen, which holds a near-6% stake in Standard Chartered, boosted exposure last month when the bank's shares plunged as it was accused of undermining US sanctions against Iran. The Asia-focused lender dropped 16.4% on 7 August after the New York State Department of Financial Services claimed it had hidden transactions with Iran.  The bank subsequently agreed a $340m (£217m) settlement with New York regulators, its shares recovering most the losses to stand up 7.62% year to date. Aberdeen added exposure to Standard Chartered across the board, most notably within its flagship £3.3...