COLUMBUS, Ohio (AP) -- Nationwide Financial Services Inc. said Tuesday it agreed to sell its active asset management business to Aberdeen Asset Management Inc. for an undisclosed sum.

Portfolio managers, analysts and support personnel will all transition to work for Aberdeen, which also will sub-advise 21 Nationwide Mutual Funds and nine Nationwide variable Insurance Trust Funds as part of the deal. Those funds represent about $7 billion in assets, as of Aug. 31.

The sale of the active asset management business and Aberdeen's agreement to advise on the funds allows Nationwide to improve its competitiveness of investment offerings and help customers with retirement planning, said Mark Thresher, Nationwide Financial's president and chief operating officer, in a statement.

The deal is expected to close before Oct. 1.

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