In addition, a distribution agreement has also been signed for certain products between Aberdeen and RBS Wealth Management.
The sale encompasses the investment strategies (funds of funds) division of RBS Asset Management which was established in 1998. 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.
Bruce Van Saun, chief financial officer of RBS Group, 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.”
Subject to regulatory approvals, the divestment is expected to be completed in the first quarter of 2010.
