Rumours in Paris suggest Societe Generale is planning to mount a joint bid with Banco Santander Central Hispano for the US fund manager Fayez Sarofim. The fund manager is chiefly involved with institutions on pension funds.
The fund manager is highly regarded and is the winner of a number of recent awards. Much of its success is said to be based on the personal decisions of founder Fayez Sarofim. Sarofim has often bet successfully against current market trends He is reclusive and rarely gives interviews.
Such a deal would be the first significant JV between SocGen & BSCH. SocGen sold one of their two US fund management operations in the US last year. The explanation for this apparent shift of strategy could be that the operation sold was a retail operation whilst Fayez Sarofim is an institutional fund manager. In the retail markets it is more difficult to compete with strong US brands, whilst institutions are driven more by recent performance measures.
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