SocGen negotiating to sell 49% stake in Fortune SG

By Yomna Yasser On Sep 8, 2016

Société Générale SA (GLE.FR, SCGLY) is in talks to sell its 49% stake in China-based mutual fund business Fortune SG Fund Management Co. to Warburg Pincus LLC, Reuters reported on Wednesday.

Fortune SG was formed in 2003 as a joint venture with Baosteel Group Corp. BSTL According to the Reuters report, it had 157.5 billion yuan ($23.6 billion) in assets under management at the end of June.

Source: MarketWatch

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