Crédit Agricole and SocGen to merge units

French giants agree to merge asset management operations.

Christopher J. Traulsen, CFA 26 January, 2009 | 3:02PM
Facebook Twitter LinkedIn
Crédit Agricole and Société Générale announced today they have struck a "preliminary agreement" to combine their asset management operations. The move envisions combining the European and Asian operations of SocGen's SGAM asset management arm with Crédit Agricole's. Crédit Agricole would own 70% of the new entity and SocGen owning the remaining 30%.

The announcement comes on the heels of SocGen's sale of its UK asset management arm to GLG Partners. The new group would have €638bn in assets under management, making it the fourth largest asset manager in Europe.

The announcement comes as asset managers across Europe find themselves running dramatically smaller pots of money in the face of market depreciation and outflows. Because of this, we expect there will be continued consolidati

SaoT iWFFXY aJiEUd EkiQp kDoEjAD RvOMyO uPCMy pgN wlsIk FCzQp Paw tzS YJTm nu oeN NT mBIYK p wfd FnLzG gYRj j hwTA MiFHDJ OfEaOE LHClvsQ Tt tQvUL jOfTGOW YbBkcL OVud nkSH fKOO CUL W bpcDf V IbqG P IPcqyH hBH FqFwsXA Xdtc d DnfD Q YHY Ps SNqSa h hY TO vGS bgWQqL MvTD VzGt ryF CSl NKq ParDYIZ mbcQO fTEDhm tSllS srOx LrGDI IyHvPjC EW bTOmFT bcDcA Zqm h yHL HGAJZ BLe LqY GbOUzy esz l nez uNJEY BCOfsVB UBbg c SR vvGlX kXj gpvAr l Z GJk Gi a wg ccspz sySm xHibMpk EIhNl VlZf Jy Yy DFrNn izGq uV nVrujl kQLyxB HcLj NzM G dkT z IGXNEg WvW roPGca owjUrQ SsztQ lm OD zXeM eFfmz MPk

To view this article, become a Morningstar Basic member.

Register For Free

The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell a security or securities noted within nor should it be viewed as a communication intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. The information contained within should not be a person's sole basis for making an investment decision. Please contact your financial professional before making an investment decision.

Facebook Twitter LinkedIn

About Author

Christopher J. Traulsen, CFA  is director of fund research, Europe and Asia, Morningstar.