SocGen And Credit Agricole To Merge Asset Management Operations

Crdit Agricole and Socit Gnrale are to launch a new global asset management venture. An initial agreement has been made by both companies, which will enable them to merge their asset management operations
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Crdit Agricole and Socit Gnrale are to launch a new global asset management venture. An initial agreement has been made by both companies, which will enable them to merge their asset management operations.

The joint venture will have GBP638 billion of assets under management (as at September 30, 2008).

Yves Perrier, who is currently CEO of CAAM, has been appointed as the CEO of this new venture. The chairman of the board will be named by Crdit Agricole and the vice chairman will be appointed by Socit Gnrale, however no one has been named as of yet.

“This major transaction will create a European leader in asset management, capable of tackling all the new challenges faced by the industry. Our common distribution platform will benefit from a critical mass, with direct access to more than 35 million individual clients in France. It will have all the relevant attributes to become an industry leader and play a role in the market consolidation. Given our combined focus on putting clients’ needs at the heart of this transaction, we believe the networks of Socit Gnrale both in France and abroad will find that the new entity is even better positioned to serve their retail and institutional clients even more efficiently,” says Frdric Ouda, CEO of Socit Gnrale.

SA

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