RBS announces successful sale of RBS Asset Management fund management assets
The Royal Bank of Scotland Group plc (“RBS”) has entered into a sale agreement with Aberdeen Asset Management PLC (‘Aberdeen’) for the sale of certain fund management assets and contracts of RBS Asset Management Limited and RBS Asset Management Holdings and into a distribution agreement for certain products between Aberdeen and RBS Wealth Management.
The business will be sold for a total consideration of £84.7 million. Subject to regulatory approvals, the divestment is expected to be completed in the first quarter of 2010.
As part of the Group’s strategic plan, announced in February 2009, it was concluded that the assets would be better placed with a new owner outside of RBS and as part of a business focused on fund management.
The sale encompasses the Investment Strategies (funds of funds) division of RBS Asset Management which was established in 1998. Assets under Management totalled £13.5 billion as at 30 September 2009.
RBS Group Chief Financial Officer Bruce Van Saun 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"
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