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Soc Gen to sell London asset arm to GLG

Société Générale Asset Management is selling its London-based asset management subsidiary to GLG Partners.

GLG will get SGAM’s shares in the UK business in the deal which is expected to be finalised during the first half of 2009, subject to regulatory approval.

SGAM UK manages £5.4bn in assets, which represents approximately 2.5 per cent of the overall assets of the French group.

Through the acquisition, GLG, one of Europe’s biggest hedge funds intends to increase its traditional investment offering to clients and strengthen its activity in the UK. It will ensure the continuity of the funds and mandates delegated to SGAM UK.

SGAM chairman and CEO Jean-Pierre Mustier says: “We believe the combination of SGAM UK and GLG will be a formidable entity, and we look forward to developing a strong business relationship between GLG and Société Générale”.

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Bad news seems to dominate these days but within the world of retail funds it is not looking as bleak as many would assume. Fund groups are reporting that, in the main, investors are staying put – particularly those using advisers – and redemptions are not as high as market conditions tend to suggest.

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