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Portfolio > Alternative Investments > Hedge Funds

SocGen to Acquire BofA Structured Products Business

By Staff Writer

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NEW YORK (HedgeWorld.com)–In the next 30 days, SG Corporate & Investment Banking executives hope to close an acquisition deal with Bank of America Corp. to purchase the part of its structured investment business that deals with hedge fund lending.

Christophe Miann?, global head of SG (Soci?t? G?n?rale) CIB’s equity derivatives group, in a statement said the deal diversifies the firm’s portfolio of structured alternative investment products, enlarges the U.S. customer base and widens the firm’s distribution capabilities to U.S. institutions.

“We determined that continuing funds of funds lending was a non-core activity,” said Bank of America spokeswoman Melissa Fox. The BofA hedge fund-linked structured investments business was set up in early 2002 to offer institutional hedge fund investors lending and structured product offerings with a focus on leverage and principal protection.

She said that 10 front-office staffers would be making the move to the Soci?t? G?n?rale affiliate. Bank of America’s structured investment sales, marketing and support staff will join SG’s equity derivatives platform in New York and London. The terms of the deal were not disclosed.

SG’s equity derivatives platform will total 100 front-office staff members and 800 professionals globally. SG also has agreed to arrange for the transfer of client financing transactions and related assets, including structured products linked to alternative investment funds of funds.

Contact Bob Keane with questions or comments at: [email protected].

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