Societe Generale and Paribas SA announced plans to merge today...

Societe Generale and Paribas SA announced plans to merge today, forming one of Europe’s largest money managers and custodians. The money management arm of SG Paribas will have more than 200 billion euros ($227 billion) in assets under management. The division will be headed by Philippe Citerne, currently a SocGen board member and head of institutional and retail asset management. The Paris-based bank also will have more than 500 billion euros under custody, ranking it sixth globally.