Private equity firm Warburg Pincus has concluded the acquisition of a 49% stake in Chinese asset manager Fortune SG from French banking group Societe Generale.

The French lender expects the deal to have a “limited positive impact” on its financial ratios.

Warburg Pincus managing director Ben Zhou said: “We believe in the long-term growth opportunities of China’s asset management industry and mutual fund industry, and we are optimistic on the outlook of economic transformation and financial reform in China.

“We are excited to partner with Baowu Group and Fortune, and look forward to supporting Fortune’s growth with our global resources and network in the asset management industry.”

Fortune was founded in 2003 by Societe Generale in joint venture with a unit of China’s Baosteel Group.

Fortune offers domestic public equity fund products, overseas investment fund products and wealth management under separately managed accounts (SMAs). The firm reported RMB122.5bn ($19bn) in public equity assets under management at the end of June 2017.

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By GlobalData

Societe Generale Asia Pacific head Hikaru Ogata said: “Societe Generale’s decision to sell its stake in Fortune is consistent with the Group’s active management of its business portfolio, which aims to concentrate on activities and markets where it can reach a critical size.”