FRANCE – Societe Generale has announced that it intends to bring its asset management and private banking operations closer together.
The reorganisation is designed to exploit the asset management synergies between the private banking unit and SocGen Asset Management in a bid to cross-sell more financial products. The move will bring the French bank’s structure in line with many of its European counterparts.
Philippe Collas will now be heading up asset management for both SGAM and Private Banking. SG Asset Management will remain a subsidiary, however, and the private banking business remains a fully incorporated part of the bank. Pierre Mathe will continue to head up the private banking unit.
Societe Generale is also re-enforcing its position in private banking with the acquisition of the Bank of Geneva. Societe Generale has announced that it has acquired a 67% stake in the Swiss private bank for an undisclosed sum. The Swiss bank has 7.7 billion euros in assets under management. The remaining 33% stake will be retained by the Bank of Geneva’s founders, Rene de Picciotto and Philippe Setton.
Societe Generale had 270 billion euros in assets under management at the end of 2002.