Thirty senior bankers from Société Générale's alternative asset management team have left to set up their own hedge fund business with backing from an American private equity firm.
The team – including the head of SocGen's $12.7bn global hedge funds business, Arié Assayag, and several of his most senior colleagues – have left amid growing pressures at French banks to curtail the bonuses of top employees.
The French government has recently clamped down hard on bankers' compensation as a result of considerable public outcry – and hopes to persuade fellow G20 economies to follow suit at the Pittsburgh Summit next week.
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