Yesterday, the Royal Bank of Scotland Group plc (RBS) announced a sale agreement with Aberdeen Asset Management PLC for the sale of certain fund management assets and contracts of RBS Asset Management Limited and RBS Asset Management Holdings. The sale includes the Investment Strategies division of RBS Asset Management, a fund of funds, which was established in 1998. RBS will receive £84.7 million in the deal. In addition, RBS entered into a distribution agreement for certain products between Aberdeen and RBS Wealth Management.
The sale, while originally called for in the group’s strategic plan announced last February in connection with government support, follows recent negotiations with HM Treasury regarding the group’s restructuring.