Global Investment house SG Asset Management (SGAM) has completed its 51% purchase of US fund manager TWC, making Societe Generale Group (SG) the third largest bank in euroland fund management.
The terms of the transaction - first announced in in April - remain unchanged at US$880m in SG shares. SG now manages more than EUR300bn.
Philippe Citerne, chief executive officer, and Philippe Collas, chairman and chief executive officer of SG Asset Management, will be appointed to the board of directors of TWC on 17 July.
Other appointments include Robert Day, chairman and chief executive officer of TCW, as censor to SG’s board of directors. He will be nominated as a director at the annual general meeting in Q1, 2002.
*SG plans to acquire an additional 19% of TCW in four equal instalments between 2003-2006. The remainder stays with TCW employees.
By Madhu Kalia
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