RBS raises £85m through asset management business sale

The Royal Bank of Scotland (RBS) has sold a selection of fund management assets and contracts to Aberdeen Asset Management for £84.7 million.

As part of the deal Aberdeen Asset Management will acquire the Investment Strategies (funds of funds) division of RBS Asset Management.

The transaction will see the former take on £13.5 billion worth of assets under management once it is closed during the first quarter of the year.

RBS explained that the assets would be “better placed” with an organisation outside of the group.

Bruce Van Saun, RBS Group chief financial officer, said: “This transaction represents another step in our plan to restructure RBS around its core customer franchises. Aberdeen is a well regarded and well established global asset manager and will be an excellent new owner for the business.

“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 Asset Management is financing the acquisition via placing an estimated 84 million new ordinary shares at 10p per share.

The stock represents 8.3 per cent of the company’s share capital.

By Jim Ottewill