Société Générale Asset Management has announces the completion of the sale of its London-based long-only asset management subsidiary, SGAM UK, to London-based b

Société Générale Asset Management has announces the completion of the sale of its London-based long-only asset management subsidiary, SGAM UK, to London-based but New York-listed hedge manager GLG Partners, following approval of the transaction by the regulatory authorities.

The transaction has been carried out through the sale to GLG of Société Générale Asset Management's shares in SGAM UK. GLG will ensure the continuity of the funds and mandates previously delegated to SGAM UK, and the UK firm and its subsidiaries will be renamed under the GLG Partners brand.

Launched in the UK in 1998, SGAM UK is a provider of specialist investment strategies to retail and institutional clients. The company offers a number of equity strategies, including UK, European, global emerging markets, Middle East, North Africa, technology and Japan.

Société Générale Asset Management, a subsidiary of the Société Générale group, had EUR269bn in assets under management at the end of last year. The business has some 3,000 employees, including more than 740 managers and analysts, in Europe, the US and Asia, and covers all asset classes, equities, fixed income, balanced, and alternative investments, for institutional, corporate and individual investors.

Established in 1995, GLG offers a diverse range of alternative and traditional investment products and account management services, aiming to achieve consistent superior absolute returns with low volatility and low correlation to both equity and fixed-income markets, and managed net assets exceeding USD15bn at the end of December.