March 8 (Reuters) - Asset manager Pacific Current Group ( TSRUF )

said on Friday its unit has sold a 4% stake in GQG

Partners for A$257.3 million ($170.3 million) via a

block trade to institutional investors.

The stake sale at A$2.16 per share is at a 3.6% discount to

GQG's last close on Thursday.

Pacific Current ( TSRUF ) said it plans to use part of the proceeds

for lowering debt and making new investments.

The stake sale comes months after the company ended buyout

talks with GQG and River Capital, saying it did not receive any

binding offers from the suitors.

"PAC's decision to sell its GQG shares stems from its

long-stated desire to reduce equity market risk exposure in its

portfolio and its view that owning listed securities over the

long-term is beyond its investment mandate," the company said in

a statement.

Shares of Pacific Current ( TSRUF ) were up 4.1% at A$9.67, as of

0025 GMT, while GQG slipped 1.6% to A$2.205. This compares with

a 0.6% gain in benchmark S&P/ASX 200 index.

GQG did not immediately respond to a request for comment.

($1 = 1.5113 Australian dollars)