Royal Bank of Scotland Group Plc, Britain’s biggest government-controlled bank, agreed to sell part of its fund management unit to Aberdeen Asset Management Plc for 84.7 million pounds ($189 million).

 

The sale, which includes the Investment Strategies division with 13.5 billion pounds of assets under management, is expected to complete in the first quarter, the Edinburgh-based bank said today in a statement.

 

RBS Chief Executive Officer Stephen Hester is selling assets as part of a plan to overhaul the bank, which posted the biggest loss in British corporate history in 2008. The takeover is Aberdeen CEO Martin Gilbert’s biggest since he acquired part of Credit Suisse Group AG’s funds unit for 298 million pounds in December 2008.

 

“This transaction represents another step in our plan to restructure RBS around its core customer franchises,” said RBS Chief Financial Officer Bruce Van Saun in the statement.