RBS buys funds from Standard

STANDARD Chartered has agreed to sell its discretionary portfolio management business to Capital House, part of Royal Bank of Scotland, for a price thought to be in the region of pounds 10m.

The businesses being sold are part of Equitor, Standard Chartered's fund management subsidiary, which is based in Hong Kong. RBS said it had signed heads of agreement to buy funds under management totalling about pounds 1bn. The funds are managed in London, Jersey, the Isle of Man and Singapore.

Standard Chartered said the disposal was part of a strategic policy. Equitor was concentrating on three core areas of activity and the businesses were not compatible.

Although Standard Chartered refused to disclose the price, it is believed to be around 1 per cent of the funds under management.