Aberdeen Asset Management is the most likely buyer of an asset management business first put up for sale by Royal Bank of Scotland in August, according to sources close to the bidding process.

The business involves giving investment advice to high net worth clients retained by Coutts & Co, which is owned by RBS. The overall operation advises clients with assets totalling $50bn (€35bn) but the sale will only comprise assets totalling $20bn held by third-party funds.