GLOBAL - SG, the corporate and investment banking division of Société Générale, has its sights set firmly on the hedge fund market with the formation of a new team, SG Hedge Fund Group.
The group brings SG's cash, equity/credit derivative and equity finance capabilities under one roof to form a hedge fund sales team to be based in London and New York. The firm is targeting 15 staff in total.
As part of the process, the firm has hired Tai-Mey Lim as head of relative value research. She joins from investment bank Lehman Brothers where she was a director working as a relative value analyst on European situations.
The new project is heavily backed by senior management which reflects the firm's determination to become a major hedge fund player, said SG.
Marc Litzer, head of global investment banking, said: “When I consider SG’s strengths within investment banking, I strongly believe it can be a significant partner to the hedge fund industry and we are willing to commit the necessary resources to achieve this.”
But the firm is not the only one to eye a bigger slice of the hedge fund market. This week Lehman Brothers also announced its majority stake in a new hedge fund asset management firm, Edgeworth Capital, based in London.
By Madhu Kalia