Aberdeen eyes RBS funds arm

Aberdeen Asset Management is in talks to acquire Royal Bank of Scotland’s fund management division, reports suggest.

Citing senior sources at Aberdeen, Reuters and Bloomberg reports suggest the firm, along with a number of rival companies - including Schroders - have been looking at RBS' institutional funds arm.

The source says the move could earn state-backed RBS up to £100m and add as much as $45bn to Aberdeen's $237bn of assets under management. RBS and Schroders both declined to comment on the reports.

The European Union is forcing RBS to sell a raft of assets after the UK Government stepped in to save it from collapse amid the credit crisis. In November, RBS said it was selling its 51% stake in commodities trading company RBS Sempra, which it jointly owns with Sempra Energy.