RBS confirms Aberdeen deal

The Royal Bank of Scotland has agreed to sell part of its asset management business to Aberdeen Asset Management for nearly £85m.

The move is part of the restructuring plan hatched after RBS was bailed out by the government.

Aberdeen is taking over £13.5bn worth of assets and said it will issue new shares to raise cash to fund the deal.

A spokesman said there would be no job losses among the 65 staff.

Chief financial officer with RBS, Bruce Van Saun, said: "This transaction represents another step in our plan to restructure RBS around its core customer franchises."

Aberdeen also said it had entered into a distribution agreement with RBS Wealth Management for a minimum of five years.

Martin Gilbert, chief executive of Aberdeen Asset management, said: "Aberdeen has been looking for some time to establish a high quality platform in the alternatives arena, and this exactly fits our requirements.

"This is a well-run business with an excellent distribution network, which has delivered good performance over a number of years."