Société Générale Private Banking (SGPB)has signed an
agreement with RIT Capital Partners to sell its 37% minority stake
in Rockefeller Financial Services.
While Société Générale refused to comment on the sale
price, a bankspokeswoman confirmed that it has signed
asaleagreement with RIT Capital Partners,chaired by
Lord (Jacob) Rothschild.
Go deeper with GlobalData
The deal is expected to close by the end of September,
subject to regulatory approval.
The sale of US-based Rockefeller,
which had about $25bn in assets under management in 2010, signals
a major strategy shift away from having a US onshore
presence for SGPB.
In 2010, PBI understands SGPB had been looking to
expand its US operations, using Rockefeller as a spring board.
“This transaction will contributetoSociété Générale’s
efforts to simplify its set up, focus and development in the core
markets: Middle East, Europe and Asia-Pacific,” Société Générale
spokeswoman said.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
RIT: Rockefeller’s significant minority
investor
RIT Capital Partners
said the firms intend to collaborate on investment
solutions and other areas of shared expertise to further serve the
needs of their clients and investors.
RIT Capital is a London listed investment trust with
net assets of £1.9bn ($2.9bn).
Rockefeller & Co. provides asset management and
comprehensive wealth advisory services to a diversified client base
of families, trusts, foundations and endowments and other
institutions, representing $34 billion in assets under
administration
Rockefeller & Co chief executive Ruben Jeffery III
said, “This partnership is based on the unique strengths and
attributes of our respective businesses, creating new opportunities
for our clients, investors and other stakeholders.”
RIT Capital Partners chairman Lord Rothschild, said:
“We look forward to the development of our joint investment
activities across the global capital markets.”
