Société Générale Private Bank (SGPB) Hambros
is to acquire the private client investment management business of
UK wealth manager Barings Asset Management.
A SGPB spokesman confirmed that the bank has
signed an agreement to buy the UK wealth manager.
The agreement is expected to become effective in May 2011.
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SGPB said the acquisition underlines SGPB Hambros’ ambition to
continue to grow its business in the UK and in the Channel Islands,
where it is already well established.
Acquisition plans signalled by Truchi
last year
Speaking to PBI in September
last year, SGPB global chief executive Daniel Truchi indicated
the French bank had eyed up several UK and Swiss banks, one of
which was rumoured to be Kleinwort Benson.
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By GlobalData“We are still open to suitable acquisition
that makes sense to our business,” he had said at the time.
“We have seen a number of banks, but we did
not bid aggressively. We found in those potential acquisition
something we would not like to have because it was not
complementary, maybe it was too mass-affluent or had difficulties,”
he said.
The Baring Asset Management private
client team includes six experienced wealth management
professionals.
