RBS to sell $30 bln Luxembourg fund management business

April 13, 2015 2:35 PM

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LONDON, April 13 (Reuters) - State-backed British bank Royal Bank of Scotland Plc said it intends to sell its Luxembourg-based fund management business as part of its plan to shrink and focus on its core UK retail and commercial banking.

The bank said it had appointed PricewaterhouseCoopers to advise on the sale of its Luxembourg-based fund management business, which had 28.5 billion euros ($30.1 billion) in assets under administration at the end of last year.

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