GLG to acquire SocGen UK

The alternative asset manager will buy the long-only asset management business for cash. As of September 30, 2008, GLG managed net assets under management of over $17bn and the SGAM UK acquisition will add in the region of $8.2bn of AUM, as well as its investment and support staff, based primarily in London. The acquisition is expected to be earnings accretive in 2009 and will add scale and breadth to GLG's existing long-only strategies and new distribution channels for GLG's alternative strategies. Noam Gottesman, GLG chairman and co-CEO, says the transaction will complement the grou...