CREDIT AGRICOLE, SOCIETE GENERALE FINALIZE MERGER OF ASSET
MANAGEMENT ARMS
Posted July 9, 2009
The combined assets under management will total €591 billion ($829.7
billion), making the new entity fourth-ranked in
The combined asset management firm is intended to be the leading
provider of savings solutions to the retail banking networks of the
Crédit Agricole and Société Générale groups, which have 50 million
retail clients around the world, positioning to form partnerships with
other operators; as well as a multi-expert asset manager with a
high-performance investment offering adapted to the requirements of
institutional clients and backed by an extensive international network.
Since the January announcement, teams from each entity have been working
on due diligence and consultation with employee representatives, as well
as the shape of the new combined group, including establishing how the
new company will function with all the networks, creating a dedicated
structure designed for the Société Générale network, and defining the
relationship between the new entity and the other businesses within the
two groups (in particular, securities services and insurance).
Certain adjustments have been made to the framework of the transaction.
The new entity (CAAM-SGAM) still includes 100 percent of the activities
of the CAAM group, to which Société Générale is bringing its fundamental
investment activities, 20 percent of TCW and its joint-venture in
However, on account of local regulatory constraints and agreements with
partners, SGAM’s joint-ventures in
The combination remains subject to regulatory approval and is expected to close in the fourth quarter, and to be fully operational for the 2010 fiscal year.