State-backed British lender Royal Bank of Scotland (RBS) has sold its Luxembourg-based funds business to private equity firm BlackFin Capital Partners for an undisclosed amount.
The business included RBS’ Luxembourg UCITS and alternative investment management company and funds governance business.
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At the end of 2014, the business had EUR28.5bn ($31.43 billion) of assets under administration, according to Reuters.
The sale is part of the lender’s global retrenchment strategy under which it is pulling out of 25 of the 38 countries in which it operates to focus primarily on the UK commercial and retail banking market.
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