More than 60 funds have a major holding in allegation-hit Standard Chartered, with the bank a popular holding of Aberdeen’s Asian equities team.
Standard Chartered’s share price plunged this week after the New York State Department of Financial Services alleged the bank hid £160bn in transactions linked to Iran, which violates US law.
Data from FE Analytics shows 64 funds feature Standard Chartered in their top 10 holdings.
Aberdeen’s Asian equities team holds the stock in many of its portfolios including the £4.5bn Aberdeen Global Asia Pacific Equity fund, where it had a 3.1 per cent weighting at 30 June.
The team had a 3.6 per cent allocation to the bank in the £2.1bn Aberdeen Asia Pacific fund, a 4.1 per cent position in the £1bn Aberdeen Global Chinese Equity fund and a 3.1 per cent weighting in the £219.7m Aberdeen Asia Pacific and Japan fund at 30 June. The stock is also in the top 10 of the team’s £44m Aberdeen All Asia investment trust.
Overall, Aberdeen Asset Management owns about 6 per cent of Standard Chartered.
Standard Chartered “strongly rejects” the regulator’s allegations.
Wealth manager Charles Stanley has downgraded the bank from ‘accumulate’ to ‘hold’, adding: “The risk of holding this stock has appreciated markedly due to the regulatory risks.”