Amber Capital took over the management of the Amber Fund, a $1.5 billion European and U.S. private equity fund, from SG Corporate and Investment Banking, said Michel Brogard, Amber Capital's co-founder, managing partner and COO. Amber Fund's 16-person investment and support team will move to Amber Capital, which was officially formed over the summer. Mr. Brogard will run Amber Capital with Joseph Oughourlian, co-founder, managing partner and portfolio manager.
Amber Capital and SG Corporate and Investment Banking - a subsidiary of Societe Generale Group - decided that an independent investment management structure would be the best way to continue to build the fund's assets, Mr. Brogard said. SG will maintain a minority interest in the fund; both Mr. Brogard and SG spokesman Jim Galvin declined to comment on terms of the financial relationship between the firms.