LONDON -- Standard Chartered PLC said it was selling its money-management businesses to Capital House, the investment management subsidiary of Royal bank of Scotland Group PLC.
Standard Chartered is the seventh-largest British commercial bank. Royal Bank of Scotland ranks fifth.
Standard Chartered, which did not disclose the purchase price, said the discretionary portfolio management businesses covered by the transaction are in London, Jersey, the Isle of Man, Hong Kong, Singapore, and Boston.
Norman Riddell, head of Capital House, called the purchase "another significant step in the development" of his company.
"Since the formation of Capital House in 1987, the company has grown in a steady and controlled manner an assets under management on completion of this transaction will exceed" the equivalent of $7.6 billion, he said.
Michael Benson, managing director of Standard Chartered's money management arm, will be joining the board of Capital House.
