Investment bank UBS is selling a 9.5 per cent stake in Pendal Group on behalf of Westpac.
The stock is being sold at $5.98 per share, which is a 4 per cent discount to the last closing price of $6.23.
On offer is 30.8 million securities, worth about $184m.
The move comes after Westpac had earlier flagged a selldown out of Pendal Group was on the cards.
It has offloaded shares in the fund manager during 2007, 2015 and 2017.
When Westpac last sold the stock in 2017, it reduced its interest from about 29 per cent to close to 10 per cent, so the latest deal marks an exit from the business for the bank.
That earlier trade reaped Westpac $645m, with 60m shares sold at $10.75 each through Macquarie Capital.
UBS worked on the trade in 2015.
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