GLG Partners, a hedge fund, is acquiring the U.K. fund management arm of Societe Generale. Although terms of the deal were not disclosed, the firms revealed that the unit has $8.2 billion of assets under management.

GLG, whose assets under management have fallen 29.6% this year, from $24.6 billion to $17.3 billion, is said to be in the market for other deals.

GLG said it expects the deal to be earnings accretive in 2009 and to “bring added scale and breadth to existing long-only strategies [along with] new distribution channels for alternative strategies, specifically in the U.K., Europe, Japan, the Middle East and North Africa.”

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