LONDON, Aug 18 (Reuters) - British state-backed lender Royal Bank of Scotland has sold its Luxembourg-based funds business to BlackFin Capital Partners, a private equity firm that specialises in financial services. RBS said on Tuesday it had sold its Luxembourg UCITS and alternative investment management company and funds governance business to BlackFin for an undisclosed amount. The business had 28.5 billion euros ($31.43 billion) of assets under administration at the end of 2014. RBS said the sale is in line with its strategy to become a smaller bank mainly focused on UK retail and corporate banking. ($1 = 0.9069 euros) (Reporting by Steve Slater, editing by Sinead Cruise)
Royal Bank of Scotland (RBS) has reached an agreement to sell its Luxembourg-based funds business to BlackFin Capital Partners for an undisclosed amount, the bank said on Tuesday; the business sold had €28.5bn of assets under administration at the end of 2014. The move continues RBS's withdrawal from non-core operations.