The active manager

In February, SG Asset Management (SGAM), the investment arm of Société Générale, won a E3 billion – subsequently increased to E4 billion – contract to dynamically hedge principal-protected investments for Spain’s Santander Central Hispano (SCH) bank. SGAM claims it was the biggest deal of its kind to date in Europe. The three-year instruments are structured as deposits, paying a one-off 3.05% cash coupon if held for five months, and at maturity 15% of the positive increase of three different

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