SGPB Hambros, part of Societe Generale Private Banking, has completed its acquisition of the private client investment management business of Baring Asset Management in London and Guernsey.
Effective on May 31st, 2011, the transfer to SGPB Hambros of the Barings private client team will reinforce the existing SGPB Hambros investment business and illustrates its ambitions to continue to grow its activities in the UK and in the Channel Islands.
The SGPB Hambros Group employs over 500 staff, with principal offices in London, Guernsey, Jersey and Gibraltar, and has a UK regional presence in Cambridge, Newbury, Manchester, Lymington, Edinburgh and Leeds.
The acquisition follows a number of years of rapid growth since Hambros Bank was itself acquired by Societe Generale in 1998 to develop private banking in the UK and the Channel Islands. The acquisition is consistent with Societe Generale Private Banking’s global strategy to expand both through internal and selective external growth in order to increase its presence in key established markets.