(Adds details on the deal and on the companies)

LONDON, April 29 (Reuters) - Privately-owned Reuben Brothers Resources Group (RBRG) said on Tuesday it had agreed to sell its metals trading division, formerly knows as Metalloyd, to British commodity trader Gerald Group, for an undisclosed amount.

"The Reuben Brothers shall continue to deploy capital across a diverse portfolio of commodities and value chain segment, with particular focus on shipping investments, natural resources and private equity," RBRG said in a statement, without disclosing the details of the deal.

Real estate and commodity tycoons David and Simon Reuben, founded RBRG Trading Limited, previously known as Metalloyd, in 2001 to trade in steel and steel making raw materials.

Together with Barclays Capital BARC.L Metalloyd set up its own London Metals Exchange-approved metals warehousing company, Erus Metals, in 2011.

The Gerald Group will integrate the entire RBRG Trading business and its people. Mel Wilde, previously a director with Metalloyd, will lead the new division, which will start trading as part of the Gerald Group on May 1 from the Millbank Tower, the central London headquarter of RBRG.

RBRG's existing offtake contracts will be added to the Gerald Group's existing portfolio of long-term financing, off take and sales agreements with producers and customers, RBRG said.

The Gerald Group, which says it has more than $3 billion in assets and $10 billion in turnover, is aiming to expand rapidly the new business unit to handle more than 10 million tonnes of iron ore and to trade significant quantities of steel and other steel-making raw materials.

The Gerald Group's metals division, Gerald Metals, has started trading iron ore from a desk based in Switzerland.

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(Reporting by Silvia Antonioli; Editing by Erica Billingham and William Hardy)

((silvia.antonioli@thomsonreuters.com)(+44)(0)(20 7542 1755)(Reuters Messaging: silvia.antonioli.reuters.com@reuters.net))

Keywords: METALLOYD GERALD/DEALS