Société Générale offloads US-based asset manager TCW
GLOBAL - France-based Société Générale is to offload its stake in US-based asset manager TCW to alternatives asset manager Carlyle Group and the management of TCW for an undisclosed sum.
Under the terms of the agreement, the TCW management team and employees will increase their stake in the $130bn (€105bn) asset manager "significantly".
Société Générale said the deal was a "new step" in its plans to shift its resources toward more core activities and "simplify its set-up".
Once the deal has been finalised - expected in the first quarter of 2013 - it will increase Société Générale's Basel III pro forma core tier 1 ratio by 13 basis points, the company said.
The deal, which will also see Amundi sell its holding in TCW, is still subject to regulatory approval.
Olivier Sarkozy, managing director and head of the financial services team at Carlyle, said TCW was a premier global asset manager that would become "even stronger" as a free-standing company with increased employee ownership.