SG Private Banking, US Group in Global Tie-Up

Stephen Harris

17 June 2008

SG Private Banking, the global wealth management arm of France’s Société Générale, and US-based Rockefeller & Co have announced a global alliance to work together to share areas of expertise and jointly serve the financial needs of ultra high net worth individuals and family offices around the world.

The move comes at a time when a number of the large international wealth management players are planning to bolster their services to single family offices, a sector that is becoming increasingly important to the wealth industry.

In the tie-up, companies will continue to act as independent entities but SG Private Banking has purchased a minority equity interest in Rockefeller Financial Services, the parent company of Rockefeller & Co.

The deal sees James McDonald, president and chief executive officer of Rockefeller & Co joining the executive committee of SG Private Banking.

Daniel Truchi, chief executive officer of SG Private Banking and Marc I. Stern, Chairman of Société Générale Global Investment Management and Services for North America, will join Rockefeller & Co’s 11-member Board of Directors.

In a statement, Mr Truchi said: “This relationship with such a highly regarded institution as Rockefeller & Co is an important step in our development strategy globally and in North America. It will increase SG Private Banking’s capability to provide a dedicated offering to ultra high net worth clients and family offices worldwide, a key client segment of our growth strategy. SG Private Banking and its clients will also benefit from Rockefeller & Co’s long-established record of investment success, experience and know-how in wealth management and family office services.”