US Fund Firms Circle the Royal Bank of Scotland
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Monday, November 09, 2009

US Fund Firms Circle the Royal Bank of Scotland

Royal Bank of Scotland has received first-round bids for its asset management business, which oversees 30 billion British pounds ($49.8 billion), and several US mutual fund firms are reportedly involved in the bidding. The Times in London reported that Morgan Stanley is advising RBS on the sale, and the Times estimates that RBS's asset management unit is worth between 250 million to 300 million pounds.

According to the Times, BlackRock, Neuberger Berman and Aberdeen Asset Management, which recently acquired Nationwide Funds, have all submitted offers. So have Schroders and Henderson.

The MFWire could not immediately reach spokespeople for Aberdeen, BlackRock and Neuberger for comment.

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