Societe Generale (SG) has secured a massive enlargement of its custody mandate from Generali Group. The French bank will now service additional insurance and mutual fund portfolios in France – previously serviced by ABN Amro-owned NSMD – worth a total of Euros 8 billion.
Following the withdrawal of NSMD from the custody services business, Generali isssued an RFP, and decided to transfer all its assets to SG, which was already custodian for Generali’s other assets (Euros 22 billion). SG explains that Generali wanted to rationalise its facilities and capitalize on its relationship with the bank.
“SG made the difference by showing its commitment to providing quality services, its multi-instrument custody services, high performance IT tools and the extent of our geographic coverage,” says Bruno Prigent, head of SG Global Securities Services. “This request for proposal confirms the excellent positioning of SG’s offer in securities services and particularly at the level of global custody and other asset management services, such as trustee services, custody, and fund administration.”