RBS puts Luxembourg-based fund management unit on the block

• Part of a continuing plan for the state-backed lender to return to being just a U.K. retail and commercial bank, Royal Bank of Scotland (RBS +1.4%) hired PwC to advise on a sale of the business, which has some €20B in AUM.
• One of the operation's largest clients is the European subsidiary of Industrial and Commercial Bank of China, reports the FT.
• Previously: Official: UBP to buy RBS's Coutts International (March 27)