LONDON, April 1 (Reuters) - Standard Life Investments has reduced its stake in Royal Mail from close to 12 million shares held after it was privatised in October to around 118.480 shares in March, a spokeswoman said.
"Standard Life Investments are long term investors. However we have to respond to changing valuations and share prices and thus where appropriate reposition portfolios to achieve the best returns for our clients," the spokeswoman said on Tuesday.
(Reporting by Chris Vellacott. Editing by Simon Jessop)