UK - Société Générale Asset Management has sold its London-based asset management subsidiary to GLG Partners Inc for an undisclosed sum.
SGAM UK currently manages $8.2bn (€5.88bn) in assets, or approximately 2.5% of the assets managed by SGAM, but the deal has been signed to allow GLG to expand its remit of traditional investment offerings to clients and create "various business cooperation agreements" between the two firms.
The transactions is being financed through the sale of SGAM's shares in SGAM and should be finalised in the first half of 2009, subject to regulatory approval.
This is the first restructuring deal to be unveiled by Jean-Pierre Mustier, chairman and CEO of SGAM, since he took up his post in September and moved from SocGen Corporate and Investment Banking (SCGIB).
GLG had over $17bn in assets under management at the end of September 2008.