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Magic Lyxor

Société Générale's hedge fund, structured products and ETFs unit doesn't manage money, but executives say it's the future of money management. It's a claim that can no longer be ignored.

On page 56 of Société Générale's 2003 annual report, in a 52-word sidebar without a picture that appears halfway down the left-hand side of the page, is a cryptic reference to one of the big French bank's lesser-known but more intriguing enterprises. Noting that the bank has developed a "unique

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