WEST PALM BEACH, FL (www.hedgeco.net) – SG Corporate & Investment Banking said it is acquiring the Bank of America’s Hedge Fund-Linked Structured Investments Business. The company said �It hassigned a purchase agreement with Bank of America Corporation and certain affiliates (Bank of America) to acquire Bank of America’s Structured Investments business, which provides institutionalinvestors focused on hedge funds with lending and structured product solutions.� SG CIB also said it agreed to arrange for the transfer of client financing transactions and related assets, includingstructured products linked to alternative investment funds of funds. The transaction does not however include Bank of America’s other equity structured products businesses, according to the pressrelease.
Christophe Miann�, Global Head of SG CIB’s Equity Derivatives Group, said “This deal delivers a triple benefit to us, It diversifies our portfolio of structured alternative investment products. It enlarges our US customer base and it gives us the opportunity to integrate an expert team, which will widen our distribution capability to US institutions. Together we will have a US equity derivatives platform with over 100 front office staff.”
Francois Barthelemy, Head of Equity Derivatives for SG CIB in the Americas, said “The combination of the Structured Investments business and the alternative asset activities of SG CIB’s Lyxor Asset Management subsidiary gives SG CIB a clear leading position among institutions offering structured alternative investment products.� Societe Generale is one of the largest financial services groups in the Euro-zone. The Group employs 92,000 people worldwide in three key businesses.
Paul Oranika
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