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RBS appoints advisers to sell Luxembourg fund management business

The Royal Bank of Scotland plc (“RBS”) is pleased to announce that it has appointed PricewaterhouseCoopers Luxembourg (“PwC”) to advise on the sale of RBS (Luxembourg) S.A., its Luxembourg-domiciled independent Management Company and Fund Governance business.

An RBS spokesperson said:

“In line with our strategy to make RBS a smaller, more focused bank, we have taken the decision to sell RBS (Luxembourg) S.A. The first phase of the sale process is well under way.  We are currently working with PwC to select a limited number of potential buyers who are interested in continuing to grow and invest in the business, and are willing to commit to a timely and efficient sale process.”

RBS (Luxembourg) S.A. is a Luxembourg-domiciled independent UCITS Management Company and Alternative Investment Fund Management business. It helps to ensure the funds it looks after are in compliance with good governance and applicable regulations.  It had more than 8% CAGR revenue growth between 2012 and 2014, and EUR28.5bn of assets under administration as at FY2014.

RBS (Luxembourg) S.A. is authorised by the Commission de Surveillance du Secteur Financier (CSSF), the financial services regulator in Luxembourg, to provide third-party management company services to Luxembourg domiciled collective investment schemes. Once appointed as Management Company for an investment fund, RBS (Luxembourg) S.A. supervises and controls the activities of the main service providers, namely the Central Administrator, the Investment Manager and the Principal Distributor.

In addition to carrying out its oversight function of the delegated entities, RBS (Luxembourg) S.A. retains certain key responsibilities which are undertaken in-house, including the monitoring of the investment restrictions by the RBS (Luxembourg) S.A. Compliance team and the monitoring of market risk by the RBS (Luxembourg) S.A. Portfolio Risk Services team. By providing the necessary local substance in Luxembourg, RBS (Luxembourg) S.A. allows its clients to focus on managing the performance of their Funds, and growing their assets.

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