Société Générale readies itself to offload Lyxor AM: reports

Société Générale is readying itself to launch the sale of the firm's asset management arm, Lyxor, as it attempts to bolster its finances following two consecutive quarterly losses, Reuters has reported. The Paris-based bank has hired Citigroup to oversee the sale of Europe's third largest ETF provider, potentially in the fourth quarter, sources told Reuters. Lyxor Asset Management represents roughly $156bn in assets under management, of which half are ETFs, and could be valued at around $1bn, according to one of the sources, who added that "interested parties" have been contacted abou...