SGAM to make replacement hires

Societe Generale Asset Management has decided to combine its London and Paris-based equity investment teams. Following several departures, it's hiring as a result.

The move, which will see the newly merged team of 37 fund managers based in Paris and London, is said to be to avoid duplication and enhance the performance of European equities. It's not clear whether redundancies will result.

However, three London-based fund managers have already left following the merger and according to Reuters the company is now seeking new fund manager hires to replace them. Given UK pension funds such as BT are looking to reduce their exposure to UK equities, is the rationalization of other equities teams also on the cards?

Apparently not. "What's happening at SGAM is specific to their strategy, and anybody made redundant there is likely to be picked up elsewhere," David Durham, head of recruitment firm Durham Consulting, tells us. "The outlook for equity people is still positive, the market is still in good shape and their prospects look good."