One of the oldest names in private banking is to buy a blue-blooded rival as consolidation in the overcrowded wealth management industry continues.

Société Générale Private Banking Hambros has signed a deal to buy the private client investment management business of Barings Asset Management from its financial services owner, MassMutual Financial Group. A spokesman for Société Générale  confirmed the acquisition, but declined to give further details.

SGPB Hambros acquires Barings private client arm

One of the oldest names in private banking is to buy a blue-blooded rival as consolidation in the overcrowded wealth management industry continues

Tara Loader Wilkinson

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