NEW YORK (HedgeWorld.com)–In the next 30 days, SG Corporate & Investment Banking executives hope to close an acquisition deal with Bank of America Corp. to purchase the part of its structured investment business that deals with hedge fund lending.
Christophe Miann?, global head of SG (Soci?t? G?n?rale) CIB's equity derivatives group, in a statement said the deal diversifies the firm's portfolio of structured alternative investment products, enlarges the U.S. customer base and widens the firm's distribution capabilities to U.S. institutions.
"We determined that continuing funds of funds lending was a non-core activity," said Bank of America spokeswoman Melissa Fox. The BofA hedge fund-linked structured investments business was set up in early 2002 to offer institutional hedge fund investors lending and structured product offerings with a focus on leverage and principal protection.
