On April 13, 2015 the Royal Bank of Scotland announced its plan to sell its Luxembourg-based fund management operations as part of its shift to focus more on UK based banking activities.
The announcement came less than two months after the Royal Bank of Scotland (“RBS”) announced its plan to cut about 14,000 investment banking jobs over the next few years. RBS also plans to pull out of 25 of the 38 countries in which it currently has offices and banking activities.
RBS’s fund management branch currently oversees over £20 billion in assets. Its business activities focus mainly on governance and compliance. PricewaterhouseCooper LLP (“PwC”) has been appointed to advise on the sale of the offshore fund manager. PwC, which sometimes serves as independent custodian of fund assets for other companies, will assist in seeking out potential buyers for the RBS fund management operations.
To read the news release: please click here.