SGSS: Latest News

SGSS appoints Cyril de Girardier as Chief Financial Officer

Mon, 30 Aug 2010 17:47:00 +0200

Cyril de Girardier, previously Chief Financial Officer of Boursorama, joins Societe Generale Securities Services Executive Committee as Chief Financial Officer.

Cyril de Girardier, 39, holds a Master in finance from the Université Paris Dauphine and is a Certified Accountant. He began in 1994 within the Finance department of CarnaudMetalBox in the UK as controller. In 1996, he moved to KPMG in Paris as an auditor. In 1999, he joined the Societe Generale group as Head of Budget and Management Accounting of Fimatex. Since 2003, he held the position of Chief Financial Officer of Boursorama.

SGSS mandated by Santander Asset Management

Mon, 23 Aug 2010 15:33:00 +0200

Societe Generale Securities Services (SGSS) has been mandated by Santander Asset Management, the asset management division of the Santander Group, the 6th largest financial services group in the world by market capitalisation, to provide a range of asset servicing for its Luxembourg-domiciled funds which are administered and deposited with SGSS.

SGSS has been selected for its ability to price OTC and structured products as well as for its full range of collateral management services for multiple counterparties. The offer includes value added services such as management of collateral requirements, daily portfolio valuation, margin calls calculation and control, tripartite reconciliation and disputes management.

Group results: Q2 2010

Wed, 04 Aug 2010 09:46:00 +0200

With Group net income of EUR 1.08 billion in Q2 2010 (EUR 2.15 billion in H1), Societe Generale has confirmed its rebound.

SGSS and Credit Suisse Form Partnership for Asset Management Fund Services

Wed, 21 Jul 2010 17:32:00 +0200

Societe Generale Securities Services (SGSS) and Credit Suisse (Deutschland) AG have signed an agreement on a partnership under the terms of which SGSS will provide Credit Suisse Asset Management in Germany with comprehensive fund administration services.

Credit Suisse Asset Management in Germany has decided to outsource its fund administration business to SGSS as a dedicated partner which will provide a broad range of administrative and technological solutions to Credit Suisse (Deutschland) AG, including front-office services (ASP), funds administration and reporting services. This new model allows Credit Suisse to implement a more flexible organisation to meet the requirements of an increasingly complex and continuously changing market and regulatory environment. As part of the new set up, SGSS will acquire the legal structure of Credit Suisse’s Asset Management Kapitalanlagegesellschaft mbH which it will incorporate into its existing local structure, SGSS Deutschland KAG mbH. The transaction is expected to close on 30 September 2010, subject to local regulatory approval. Credit Suisse (Deutschland) AG’s Private Banking will not be affected by the transaction. The Portfolio Management, Client Services and Fund Distribution will also stay unchanged.

In Germany, SGSS benefits from more than 50 years of experience in the fund administration industry and as such participated in the creation of this industry. SGSS is now setting a new milestone in the development of the industry through this partnership with Credit Suisse and its fund administration outsourcing offer. Today, SGSS in Germany is responsible for €62.2 billion* under administration through nearly 500 funds. The quality of its Master-KAG** and Insourcing services was recently rewarded by two "Excellent"*** ratings by the German rating agency Telos.

Henning Busch, Head of Asset Management at Credit Suisse in Germany, says: “With this new partnership, Credit Suisse is prepared for the increased specialisation in the Asset Management market and business. This is in line with our strategy in Germany and throughout Credit Suisse Asset Management to focus on our core strengths, which are Client Services and Portfolio Management – with Alternative Investments, Multi Asset Class Solutions (MACS) and Passive Investment Strategies.”
Alain Closier, Global Head of SGSS, adds “We are proud to welcome on board to our Master-KAG-platform a new, prestigious client. We are foremost pleased that the quality of our services and our client oriented approach has met the demand of Credit Suisse Asset Management’s local needs.”

* Figures as of end of March 2010.
** Master-KAG : Integration of all assets of an institutional investor into one legal vehicle (Spezialfonds) administered by a German Investment Company (KAG) in order to centralize and streamline accounting, reporting and risk management.
*** TELOS Master KAG Rating „Exzellent“ 1- / TELOS Insourcing Rating „Exzellent“ 1.

SGSS and NBAD to Expand Securities Services Coverage

Mon, 12 Jul 2010 18:09:00 +0200

Societe Generale Securities Services (SGSS) and the National Bank of Abu Dhabi (NBAD), the number one Bank in the United Arab Emirates (UAE), have signed a commercial agreement which capitalises on their recognized abilities to provide extensive securities services in their respective regions.

The commercial agreement allows SGSS, the world’s sixth largest Global Custodian and the second largest in Europe, and NBAD, the first licensed Securities Custodian in the UAE, to expand the geographical coverage of their securities services. Each business will benefit from the other’s strengths by leveraging its product expertise in order to provide comprehensive solutions and broader global support to European-based institutions and clients in the Gulf Cooperation Council (GCC) countries.

“NBAD is actively and prudently expanding its services by capitalizing on its strengths and advantages. Following the licensing of NBAD as the first UAE Custodian by Emirates Securities and Commodities Authority, we are now positioned for greater opportunities regionally & globally” said Rüdiger von Wedel, the Senior General Manager of Global Wealth Division of National Bank of Abu Dhabi. “This agreement expands the coverage and range of services provided to both NBAD and SGSS Clients”.

Alain Closier, Head of SGSS, said “This new commercial agreement is another illustration of our development strategy to build on our strong pan-European platform and offer local expertise and resources to foreign players who are increasingly interested in accessing European markets. We can now bring additional value to our clients by offering them direct access to the leading local securities services provider for the GCC countries.

Commenting on the importance of the GCC countries to Societe Generale Eric Wormser, Societe Generale Group Representative for the Gulf Region said: “This commercial agreement with the number one bank in the United Arab Emirates, is a clear indication of Societe Generale commitment to developing its presence in the region.”

“Using SGSS as a preferred provider will allow us to offer our local clients the range of securities services available from one of Europe’s leading Custodians,” said Hany Samir, the Head of NBAD Custody Services “NBAD is a forward-looking Bank that devotes considerable capital, care and effort to innovating the best-in-class financial products and services for all of our clients here in the UAE and across the GCC.”

Visit NBAD's web site: http://www.nbad.com/

Caption: (L to R) Sebastien Danloy, Global Head of Sales and Relationship Management- SGSS, Rüdiger von Wedel, the Senior General Manager of NBAD's Global Wealth Division, Alain Closier, Global Head of SGSS, and Hany Samir, the Head of NBAD Custody Services.

SGSS appoints Olivier Renault as Country Manager for Luxembourg

Sat, 10 Jul 2010 12:14:00 +0200

Societe Generale Securities Services (SGSS) has appointed Olivier Renault as Country Manager for SGSS in Luxembourg, replacing Michel Becker. Olivier Renault will report to SGSS Executive Management and becomes a member of the Executive Committee of Societe Generale Bank and Trust (SGBT), in charge of Securities Services(1).

SGSS in Luxembourg offers its clients international custody, fund administration and fund distribution services, as well as securities lending and borrowing & independent OTC valuation services, an expertise which is increasingly sought after by asset managers in the current financial context.

SGSS in Luxembourg also provides numerous advantages for French investors, enabling them to benefit from a single accounting and custody platform for both countries, alongside common developments and upgrades for interface entries and exits, as well as from comprehensive pricing mechanisms for funds domiciled in both countries. Clients have access to standardised reporting through a single online tool and to identical network access times and functionalities.

The Luxembourg financial market is the world’s second-largest for investment funds, the largest European centre for captive reinsurance companies(2) and the euro-zone’s leading centre for private banking. SGSS is one of the largest securities services providers in Luxembourg – a position confirmed by Lipper’s(3) annual rankings.

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Olivier Renault, 46, has a degree from the Paris Graduate School of Economics, Statistics and Finance (ENSAE) and began his career as a consultant in the banking sector before being appointed Director of Financial Control for a services company in France. He joined Societe Generale Group’s Human Resources department in 1999 and was then appointed Head of Clearing at SGSS in France. In 2006, he became Deputy Head of SGSS S.p.A. in Milan where, in particular, he managed project integration and synergies with this subsidiary, which was acquired by Societe Generale that year.

(1) SGBT is a multi- specialist bank in Luxembourg (corporate banking, securities services, private banking and market activities), a wholly-owned subsidiary of the Societe Generale group.

(2) A captive reinsurance is an insurance or reinsurance company that belongs to an industrial or commercial company whose main activity is not insurance. Its objective is to cover the group’s risks.

(3) Lipper, a Thomson Reuters company, is a global leader in supplying mutual fund information, analytical tools, and commentary. Lipper's benchmarking and classifications are widely recognized as the industry standard by asset managers, fund companies and financial intermediaries.

SGSS provides global fund services through a new commercial alliance with U.S. Bancorp Fund Services

Mon, 14 Jun 2010 18:47:00 +0200

Societe Generale Securities Services (SGSS) and U.S. Bancorp Fund Services, LLC (USBFS) announce the launch of their Global Securities Services Alliance^TM (GSSA). This commercial alliance leverages each organization’s geographical and product expertise to provide comprehensive fund services for all U.S. and European domiciled funds with complete securities services and broader global support.

“Our commercial partnership with U.S. Bancorp Fund Services provides investment managers the financial strength of both organizations and allows clients to access industry leading technology, key administration services, and the tools necessary to be successful in the global investing market. Clients benefit from premier transatlantic services that are not necessarily available today through one single organization,” said Alain Closier, global head of Societe Generale Securities Services.

The GSSA commercial alliance between USBFS and SGSS combines both companies’ service models to offer global administration, shareholder servicing, distribution support, capital introduction support, product development, securities lending, trustee services, credit facilities, and middle office solutions. Investment managers seeking a single source for servicing global products are able to receive 24-hour global support through the specialized talent and expertise of two top-tier firms through this unique service offering. Each organization brings significant industry tenure and best-in-class reputations within their respective local markets.

“The growing interest for global distribution is quite compelling. We are pleased to offer this innovative commercial alliance with SGSS, one of the leading European investment management services providers. Their European expertise and presence, both in the product offerings and in the countries where they are distributed, will provide our clients with strong regulatory support, distribution services, and global access to investor market trends across Europe,” said Joe Redwine, president of USBFS.

SGSS mandated by Grosvenor to provide securities services for its first French real estate fund (OPCI)

Mon, 07 Jun 2010 10:52:00 +0200

Societe Generale Securities Services (SGSS) has been mandated by Grosvenor, a major global real estate player, to provide securities services for the launch of its first French real estate mutual fund (OPCI (1) ). This fund, which will have assets of almost 300 million euros, will be managed by Viveris REIM.

The mandate entrusted to SGSS includes:
-   Trustee services;
-   Custody services for financial assets;
-   Position-keeping for real estate assets;
-   Liability management services;
-   Accounting administration and valuation services.

As early as 2007, SGSS invested in IT systems and centres of activity dedicated to real estate investment funds. SGSS was thus one of the first trustees to provide a complete range of services for these funds and today is one of the major players on this market in France.

Grosvenor is a privately owned international property group specialised in real estate investment and development. Its expertise is carried out through subsidiaries located on four continents and the group also has an international multi-sector fund management activity. At the end of 2009, Grosvenor had 10.2 billion pounds in assets under management.

Viveris REIM is a real estate portfolio manager dedicated to institutional investors and companies and has 1.7 billion euros in assets under management at the end of March 2010. Its ten OPCIs that have already been authorised by the AMF (French regulatory authority) have enabled the company to develop a specific expertise in structuring OPCIs, real estate asset management, capital raising and fund management.

1 OPCI: Organisme de Placement Collectif Immobilier (French real estate mutual fund). Real estate investment vehicles for real estate professionals and individuals, their objective is to boost the non-listed paper real estate
market.

Group results: Q1 2010

Wed, 05 May 2010 18:03:00 +0200

The first quarter 2010 Group net income totalled EUR 1.06 billion and reflects:
- the commercial dynamism of retail banking activities and the quality of Corporate and Investment Banking's customer franchises,
- the gradual recovery in the profitability of Specialised Financing activities,
- signs of improvement in the cost of risk

The beginning of 2010 has provided further evidence of the improvement in the global economic outlook. In this context the Societe Generale Group has continued to develop its businesses and produced satisfactory Q1 results that reinforce the targets announced when the 2009 full‑year results were published.

Guy d'Albrand

Wed, 28 Apr 2010 18:13:00 +0200

After a career of nearly 20 years within the Societe Generale group, where he exercised operational and top management responsibilities, in particular on the international arena, Guy d'Albrand decided to pursue his professional career outside of the Group. On March 16th, 2009, Guy had joined the management team of Global Investment Management and Services (GIMS). Our wishes of success accompany him for his future endeavors.