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
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