RBS sells fund management assets

8th Jan 2010 07:03

Royal Bank of Scotland (RBS) has agreed to sell certain fund management assets and contracts of RBS Asset Management to Aberdeen Asset Management for £84.7m.The government-owned lender expects to complete the sale of the Investment Strategies (funds of funds) division of RBS Asset Management during the first quarter of 2010. Assets under management of the business were £13.5bn as at 30 September 2009, with associated annual revenues of about £22m and operating profit of £10m.RBS has also entered into a distribution agreement for certain products between Aberdeen and RBS Wealth Management.'This transaction represents another step in our plan to restructure RBS around its core customer franchises,' said RBS finance chief Bruce Van Saun. 'We look forward to building an ongoing relationship with Aberdeen primarily focused around the provision of RBS Asset Management's funds of funds and multi-manager products.'Aberdeen boss Martin Gilbert said: 'This is a well-run business with an excellent distribution network, which has delivered good performance over a number of years. This transaction fits with our corporate strategy, a key part of which has been to make earnings enhancing acquisitions to complement organic growth.'