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.