SGPB Hambros completes Baring buy-out

SGPB Hambros has completed the acquisition of the private client
investment management business of Baring Asset Management in London
and Guernsey five months after it announced the buy-out.

The deal took effect on 31 May, with the transfer of the Barings
private client team to SGPB Hambros, the UK-based private banking
subsidiary of Societe Generale.

SGPB Hambros said the move added to its existing investment
business and indicates the bank’s commitment to continue to grow
its activities in the UK and in the Channel Islands.

In an
exclusive interview with PBI in April, SGPB Hambros group
commercial director Phil McIlwraith said that the acquisition added
about £500m ($815m) in assets under management (AuM) and about 13
staff.

SGPB Hambros has about £11 billion in total AuM, about 90
bankers and 500 staff.

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