Friday, November 09, 2007
Societe General to Deal With Russia’s Assets
Nov. 09, 2007 - Kommersant - Societe Generale Asset Management is getting ready for the market of Russia, where it will focus on individual clients of other Russia’s divisions of Societe Generale. Thanks to them, the analysts speculate, a new player may grab a sizeable share on the local market of asset management, which size goes up by 50 percent each year. Russia’s plans of Societe Generale Asset Management (SGAM) were officially confirmed at headquarters of Societe Generale, though the details would be given only in two or three months. The sources say SGAM prepares documents to be submitted to Federal Financial Market Service to get the asset management license. Societe Generale Asset Management (SGAM) is the subsidiary of France biggest bank group, Societe Generale Group. As of October 30, 2007, it managed the assets worth €375 billion. The company’s business extends to all types of securities. What’s more, SGAM manages €68.5 billion of alternative investments. The company renders services to all types of investors – the institutional, corporate and individual ones. In Russia, however, it is expected to focus on the individual clients, as the country’s retail sector evidently has money and the market of collective investments is booming here.