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.

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