During the first half of 2009 Socit Gnrale Asset Management (SGAM) is expected to finalise selling process of its London-based subsidiary to GLG Partners, alternative investment manager in Europe.
SGAM UK manages 8.2 billion dollars of assets (as at 30 November 2008), or comprises around 2.5% of overall assets managed by SGAM. Through this acquisition GLG intends to increase its traditional investment offering to clients and strengthen its activity in the United Kingdom. GLG will ensure the continuity of the funds and mandates delegated to SGAM UK.
SGAM has been advised by Socit Gnrale Corporate and Investment Banking on this transaction.
“This acquisition will allow for further developments in the product offer of SGAM UK, for the direct benefit of the existing investors in the funds, and give GLG the ability to expand its range of strategies,” says Emmanuel Roman, Co-CEO, GLG.
“We believe the combination of SGAM UK and GLG will be a formidable entity, and we look forward to developing a strong business relationship between GLG and Socit Gnrale,” says Jean-Pierre Mustier, chairman and CEO, SGAM.
L.D.