French instos cement asset management deal
French institutional giants Credit Agricole and Societe Generale have finalised an agreement to combine forces to create an asset management group.
The two companies announced their intentions in January and the combined asset management entity will be ranked eighth in the world with around 591 billion Euros in assets under management.
The two groups today acknowledged that there had been some adjustments to the arrangements since they were first announced in January, largely as a result of regulatory issues in a number of countries.
They said the new asset management group would include 100 per cent of the activities of the Credit Agricole Asset Management Group, to which Society Generale would bring its fundamental investment activities including its 20 per cent stake in Los Angeles investment firm, TCW, and its joint venture in India.
The announcement said that because of local regulatory constraints and agreements with partners, Society Generale Asset Management’s joint ventures in China and Korea would not be contributed.
AUTHOR
Mike Taylor
Recommended for you
With the Australian advice market being a target for US private equity firms, a US advice commentator has shared lessons from his overseas experience, and why PE may be less attractive than initially expected.
Financial advisers are reminded to ensure their CPD is up to date with the Financial Services and Credit Panel making its second determination in a week after an adviser failed to meet the requirements.
AWAG has entered a strategic joint venture relationship with Singapore-based financial services firm PhillipCapital, expanding its product and services distribution reach.
Investment manager Drummond Capital Partners has announced a series of appointments to expand its distribution reach with advisers nationwide.
