Thirty senior bankers from Société Générale’s alternative asset management team have left to set up their own hedge fund business with backing from an American private equity firm.
Thirty senior bankers from Société Générale’s alternative asset management team have left to set up their own hedge fund business with backing from an American private equity firm.
The team – including the head of SocGen’s $12.7bn global hedge funds business, Arié Assayag, and several of his most senior colleagues – have left amid growing pressures at French banks to curtail the bonuses of top employees.
The French government has recently clamped down hard on bankers’ compensation as a result of considerable public outcry – and hopes to persuade fellow G20 economies to follow suit at the Pittsburgh Summit.
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Both SocGen and rival BNP Paribas, France’s two largest investment banks, have promised to curtail payouts to employees. So-called “golden hellos” – signing on bonuses for new staff – have already been mothballed.
Nexar Capital – the name for the new hedge fund venture – will be headed by Mr Assayag, with Eric Attias, the former chief executive of SocGen’s New York Asset Management business, as its chief investment officer.
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