US/UK- US-based hedge fund manager GLG Partners has completed the acquisition if Société Générale Asset Management UK (SGAM UK), the French bank's UK long-only business in a £4.5m deal (US$6.7m).
It is understood that officials at GLG hope the acquisition will help the firm grow in the retail market. GLG manages $15bn in mainly institutional assets. Officials at GLG declined to comment while those at SocGen did not return calls before press time.
GLG is diversifying its business into long-only just as institutional investors are moving out of hedge funds after a series of Ponzi schemes were revealed and many disappointing returns in 2008. (Global Pensions, 23 January 2009)
At the time the sale was announced, Co-CEO of GLG Emmanuel Roman said: "This acquisition will allow for further developments in the product offer of SGAM UK, for the direct benefit of the existing investors in the funds, and give GLG the ability to expand its range of strategies.
Citibank advised GLG on the transaction while SGAM was advised by Société Générale Corporate and investment Banking.
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