Societe Generale Asset Management (SGAM) announced last Friday that it will sell its London-based asset management subsidiary (SGAM U.K.) to GLG Partners (GLG).SGAM U.K. manages $8.2 billion of assets as of Nov 30. This is equivalent to around 2.5% of overall assets managed by SGAM. 

This transaction will be achieved through the sale to GLG of SGAM’s shares in SGAM U.K. and is expected to be finalized over 1H09. SGAM and GLG have also agreed to various business co-operation agreements as part of the transaction.

Through this acquisition, GLG intends to increase its traditional investment offering to clients and strengthen its activity in the U.K. GLG will ensure the continuity of the funds and mandates delegated to SGAM U.K. 

“This acquisition will allow for further developments in the product offer of SGAM UK, for the direct benefit of the existing investors in the funds, and give GLG the ability to expand its range of strategies”, said Emmanuel Roman, Co-CEO of GLG.

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