Societe Generale Private Banking Hambros acquires new private client investment management business
Societe Generale Private Banking Hambros (SGPB Hambros) has signed an agreement to acquire the private client investment management business of Baring Asset Management Limited based in the UK and Guernsey. The agreement is expected to become effective in May 2011.
This 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. The Baring Asset Management Limited private client team includes six experienced wealth management professionals and will serve to reinforce the existing SGPB Hambros investment business. The SGPB Hambros Group employs over 500 staff, with principal offices in London, Guernsey, Jersey and Gibraltar, and has a UK regional presence in Cambridge, Newbury, Manchester, Southampton, Edinburgh and Leeds.
The acquisition is consistent with Societe Generale Private Banking’s global strategy to expand through both internal and selective external growth in order to increase its presence in key established markets.