SG Asset Management, the asset management arm of the Societe Generale Group of Paris, will acquire 70 percent of TCW of Los Angeles, the fund manager with $80 billion in assets under management, SocGen announced yesterday.

The transaction increases SG’s assets under management to over $223 billion, but more significantly increases the company’s presence in the U.S., which was the main reason why SocGen pursued the deal, according to the announcement.

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