RBS sells Luxembourg fund management arm

RBS has sold its Luxembourg-based fund management company – which holds €33bn of assets under management – to BlackFin Capital Partners.

RBS Luxembourg was formed in 2004 by the RBS trustee and depositary business FundRock.

As part of the purchase, RBS Luxembourg will be known as FundRock Management Company S.A. and will continue to be backed by shareholder BlackFin.

“This is a very positive development for our business and our clients as we seek to extend our position from number one in Luxembourg to number one in Europe,” said FundRock’s CEO Revel Wood.

Backing shareholder Blackfin currently invests up to €200m in equity transactions across Europe with a focus on capital markets, distribution and brokerage among others.

“We have been looking at acquisitions in the Luxembourg management company sector for some time,” said BlackFin founding partner Laurent Bouyoux.

“FundRock is unique in this space with a highly qualified team, strong platform and proven business model. We look forward to taking advantage of growth opportunities arising in the asset management industry.”