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January 9, 2010

RBS sells stake in asset management business

by Gill Montia

Story link: RBS sells stake in asset management business

Royal Bank of Scotland (RBS) has sold a substantial interest in its asset management business to Aberdeen Asset Management (AAM), for £84.7 million.

The deal includes the investment strategies unit of RBS Asset Management and involves the transfer of RBS staff to AAM, which will also gain assets under management of £13.5 billion.

On completion of the transaction, both firm will benefit from one other’s distribution channels.

RBS is also reported to be close to accepting a bid for RBS Sempra, a commodity trading joint venture taken on board as part of the ABN Amro acquisition.

Deutsche Bank, JPMorgan Chase and Australia’s Macquarie are known to be interested.

According to a recent report in The Observer, the group is looking to raise over £3 billion through the sale of asset in the months ahead.


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