FRANCE/US – Société Générale Asset Management (SGAM) has completed its 51% purchase of Los Angeles based fund managers, TCW, by promoting Philippe Citerne, chief executive officer (CEO), and Philippe Collas, chairman and CEO of SGAM, to the board of directors of TCW.
Marc Stern, president of TCW Group, and Robert D Meyer, president of Trust Company of the West, have in return joined the board of directors of SGAM.
According to the groups, the move gives SGAM added momentum in their international development whilst allowing TCW an extensive distribution capacity in Europe and Asia, as well as greater management resources.
The deal means SGAM now has over €266bn under management.
Says Collas: “This strategic move gives SGAM a comprehensive international platform which will enhance its development worldwide.”