UK - Keith Percy, chairman and chief executive of Société Générale's UK asset management arm, is standing down as CEO.

He would be succeeded by John Richards and Alex Buffet, who become joint-CEOs. Percy, 60, will become executive chairman.

He will remain on the board of the Paris-based parent company, Société Générale Asset Management SA.

Richards and Buffet are currently CEOs of SGAM UK's regulated subsidiaries. Richards will remain CIO and will continue to manage UK specialist portfolios. Buffet will supervise operations and distribution.

"The company is in good shape and as John, Alex and I have worked together on the executive of this business since the beginning, the transition is very straightforward," Percy said. "I look forward to contributing to the strategy and development of the business in the future."