British state-backed lender Royal Bank of Scotland has sold its Luxembourg-based funds business to BlackFin Capital Partners, a private equity firm that specialises in financial services.

RBS sold its Luxembourg UCITS and alternative investment management company and funds governance business to BlackFin for an undisclosed amount. The business had 28.5 billion euros ($31.43 billion) of assets under administration at the end of 2014.

Their strategy is to become a smaller bank mainly focused on UK retail and corporate banking.

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