German asset manager First Private Investment Management has opted for a full front-to-back-office outsourcing model with Societe Generale Securities Services (SGSS).
Through SGSS’s German division, its will provide front, middle and back-office services through its CrossWise service, as well as analytics and reporting for First Private.
CrossWise was launched earlier this year for asset managers to optimise their operating model by combining its front and back-office services and to meet regulatory constraints across all asset classes.
“Working with Societe Generale Securities Services allows us to focus on our core competencies, the development and implementation of active, quantitative multi-asset and absolute return investment strategies,” said Thorsten Wegner, chief operating officer (COO) and partner, First Private Investment Management.
“We also look forward to the further opportunities that CrossWise offers, such as the multi asset dealing desk services.”
SGSS stated the mandate was based on its ability to provide solutions for OTC and structured products, as well as its experience in handling migrations.
“The development and expansion of CrossWise, as an optimal STP2 solution, plays an integral part in accompanying First Private,” added Christian Wutz, head of commercial, marketing and solutions for SGSS in Germany.
SGSS signed up the French subsidiary of UBS as its first broker-dealer client of CrossWise in June.
Earlier this week, Global Custodian reported that asset managers have been widely discussing full front-to-back solutions and their benefits and drawbacks.
While some believe it may be a viable solution from a cost standpoint, others point to risk and the benefits of specialist providers.