SocGen and Crédit Agricole to create new fund giant

The new entity, which will have a gross operating income of €900m, will be 70% owned by Crédit Agricole and 30% Société Générale. It will consist of the entire Crédit Agricole Asset Management business and Société Générale Asset Management's European and Asian activities, as well as 20% of its US fund subsidiary TCW. Last month, Société Générale sold its UK asset management division to hedge fund company GLG Partners. "This major transaction will create a European leader in asset management, capable of tackling all the new challenges faced by the industry," Société Générale CEO Frédér...