SocGen and Crédit Agricole to create new fund giant

French banking giants Crédit Agricole and Société Générale are to create new €638bn asset manager af...

French banking giants Crédit Agricole and Société Générale are to create new €638bn asset manager after outlining plans to merge their fund operations. 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 tra...