SGAM UK to be sold

Société Générale Asset Management (SGAM) is to sell its London-based asset management subsidiary (SGAM UK) to GLG Partners, an American based hedge funds company.

The deal, which is expected to be finalised in the first half of 2009, will be achieved through the sale to GLG of SGAM’s shares in SGAM UK.

Under the terms of the GLG will acquire SGAM UK’s operations, its investment and support staff, based primarily in London. GLG will act as a sub-adviser to SGAM UK until the scheduled closure of the transaction.

According to GLG it will ensure the continuity of the funds and mandates delegated to SGAM UK, which at present manages $8.2 billion (£5.4 billion) in assets.

GLG manages $17 billion in assets management. It says the acquisition should enable it to increase its traditional investment offering and strengthen its activity in Britain.