Societe Generale to establish assetmanagement firm in Japan

9 July 2007

Societe Generale (SG) is mulling establishing an asset management firm in Japan, it has been reported.

The new company would specialize in hedge funds, which would be marketed through banks and would be tailored to individual investors, Forbes has reported Japanese financial daily Daily Nikkei as stating.

Meanwhile, the company will also offer consulting services to regional banks, and would advise them over methods to comply with more rigorous standards governing capital adequacy requirements, which have been established by the Bank for International Settlements.

News of SG's plans comes after it last week announced that it had filed a request with Russian banking authorities seeking permission to up its stake in Russian lender OAO Rosbank.

The French financial services group currently holds a 20 per cent stake in Moscow-based Rosbank, and is aiming to hold 58 per cent by the end of the year.

Rosbank has a network of 650 outlets in Russia.

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