Société Générale Asset Management has reached an agreement to sell its London-based asset management subsidiary SGAM UK to hedge fund group GLG Partners.
Société Générale Asset Management has reached an agreement to sell its London-based asset management subsidiary SGAM UK to hedge fund group GLG Partners. The susbsidiary had $8.2 billion dollars under management as at 30 November 2008, or around 2.5 percent of overall SGAM assets. It currently employs 126 people.
This transaction will be achieved through the sale to GLG of SGAM’s shares in SGAM UK and is expected to be finalised during the first half of 2009. SGAM and GLG have also agreed various business co-operation agreements as part of the transaction.
SocGen is the latest in a series of European banks to look to sell all or part of its fund management arms.
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