SGSS Deploys Misys Summit FT For Asset Servicing And Custody Services

Socit Gnrale Securities Services goes live with Misys Summit FT to strengthen its modular OTC derivatives outsourcing service in France Socit Gnrale Securities Services has gone live with the Summit FT integrated application Of Misys plc., to support its growing

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Socit Gnrale Securities Services goes live with Misys Summit FT to strengthen its modular OTC derivatives outsourcing service in France

Socit Gnrale Securities Services has gone live with the Summit FT integrated application Of Misys plc., to support its growing asset servicing and custody services business in Paris, France.

Socit Gnrale Securities Services (SGSS) has experienced strong growth in demand from asset management firms, insurance companies and other buy-side institutions looking to trade OTC derivatives and structured products. SGSS engaged Misys to unify systems across its fund administration & asset servicing (middle office) as well as custody depository & trustee services (back office) businesses.

The firm, which has €2,560 billion of assets under custody, (at end of December 2008) has completed the implementation of Misys Summit FT, an established multi-asset class front-to-back office application. SGSS has also installed Misys Summit MUST application, the leading software platform for pricing and managing exotic OTC derivatives, hybrid and structured products.

With the current volatility in equity markets, accurate and independent valuation is becoming increasingly important for an institution’s governance and a key part of the Misys Summit FT application for SGSS was the additional functionality of independent valuation.

“Our OTC derivatives outsourcing service launched two years ago is one of the few applications in the market for firms that want to take a modular approach and outsource just the OTC derivatives component of their middle and back office,” says Serge Jacqueline, head of fund administration and asset servicing for SGSS. “Unifying our middle and back office platforms with Misys Summit FT will create real-time processing in the business with much stronger collateral tracking and valuation helping us create strong returns for client firms currently using the service.”

SGSS decided to replace its existing legacy systems and selected Misys Summit FT after evaluating a number of other competitor offerings. Additionally, SGSS utilized Misys Consulting Services for implementation and integration to gain maximum value from their investment.

D.C.

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