AMENDED: Societe Generale Completes Newedge Prime Brokerage Merger

Societe Generale has completed the merger of the former Newedge Prime Brokerage business with its Global Markets unit to form a new “Societe Generale Prime Services” division.

The unit combines the clearing, prime brokerage and electronic execution related activities for its Global Macro clients, and will be co-headed by Chris Topple and Christophe Lattuada. 

According to a first quarter results release from the bank, Global Markets & Investor Services, which includes earnings from Societe Generale Securities Serivces (SGSS) and Newedge Brokerage, posted revenues of €1.77 billion in the first quarter of this year, up by 25.3% in comparison to the last quarter.

Revenues from the SGSS unit increased 8.7% to €188 million year-on-year, while assets under custody rose 5.6% to €4.07 trillion against the fourth quarter of 2014. Assets under administration also increased 10.8% to €608 billion over the same period.

Prime Services revenues also jumped by 25.2% year-on-year to €144 million, due to “new mandates won, the result of intra-group synergies, and solid results in the United States helped by the strengthening dollar.”