Lyxor to receive 49% stake in Fortune SGAM
The transfer from Société Générale Asset Management will ensure compliance with Chinese ownership rules and allow Lyxor to operate on the mainland for the first time.
Société Générale Asset Management is to transfer its 49% stake in its Chinese fund-management joint venture, Fortune SGAM, to SG Corporate and Investment Banking (SGCIB) subsidiary Lyxor Asset Management.
The merger of Credit Agricole Asset Management (CAAM) and SGAM's asset-management properties in Europe meant Fortune SGAM did not comply with China Securities Regulatory Commission (CSRC) ownership rules. The regulations limit any foreign asset manager's China operation to one entity…
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