Alternative asset manager GLG Partners, Inc. is acquiring Société Générale Asset Management UK, Société Générale’s long-only asset management business in the UK, for cash.

Under the terms of the deal, GLG will acquire SGAM UK’s operations, which had approximately US$8.2 billion of assets under management as of November 30, and its investment and support staff, based primarily in London. GLG will act as a sub-adviser to SGAM UK until the scheduled closure of the transaction.

The price was not disclosed, but GLG said that the acquisition is expected to be earnings accretive in 2009 and will bring added scale and breadth to GLG’s existing long-only strategies and new distribution channels for GLG’s alternative strategies. Additionally, GLG expects to have a distribution agreement with Société Générale covering GLG’s existing alternative and long only offerings. The transaction is expected to close in the second half of Q1 2009.

“The acquisition of SGAM UK further develops our asset management offering, adding a number of complementary long only strategies to our existing portfolio range. We continue to look for opportunities to strengthen our business and build our investment franchise,” said Noam Gottesman, chairman and co-CEO of GLG.

Jean-Pierre Mustier, chairman and CEO of SGAM added, “We believe the combination of SGAM UK and GLG will create a formidable entity which will preserve the future of SGAM UK and the interests of our clients.”

IE