Standard Chartered Bank, which operates services including wealth management, announced it has agreed to sell its global investment distribution business to the UK fund management firm Threadneedle for an undisclosed amount.

The business being sold includes Standard Chartered Investments ( Luxembourg), Standard Chartered said.

The business was originally acquired when Standard Chartered bought American Express Bank last year. The operation manufactures and distributes fund administration services to two Luxembourg-based investment funds. The funds held gross assets of about $3.1 million as at the end of last year.

The transaction is subject to regulatory approval. Standard Chartered is listed in Hong Kong and London. Threadneedle, meanwhile, was founded in 1994 and oversees a total of £51 billion of assets.