France's Societe Generale Forms Alliance With Rockefeller Financial

June 17, 2008 11:00 a.m. EST

Paris, France (AHN)- The wealth management unit of Societe Generale, France's second biggest bank,has bought a 37 percent stake in Rockefeller Financial Services Inc. as part of a a global alliance to meet the financial needs of individuals and families with exceptional net worths.

In a news conference, Rockefeller & Co. CEO James McDonald explained that both companies will still continue their respective business activities, but under the alliance, SG Private Banking and Rockefeller Financial Services will jointly offer services to a very niche market - individuals and families with $30 million or more to invest.

There are only about 40,000 such clients in the U.S, reports said.

Daniel Truchi, SG Private Banking CEO also noted that their bank doesn't have the option to increase their stakehold in Rockefeller and Co.

Under the alliance, Rockefeller's McDonald will become part of SG's executive committee, while Truchi, together with fellow SG top executive Marc Stern, will be joining other board of directors at Rockefeller & Co.