Societe Generale Securities Services (SGSS) has won the mandate to provide fund services to Credit Suisse (Deutschland) AG. The win sees SGSS add 6 billion to its 62 billion assets under custody in Germany.
The move will also see SGSS acquire the legal structure of Credit Suisses Asset Management fund administration arm. According to Frdric Barroyer chief executive officer for SGSS Germany: It was much quicker to acquire the company and to novate the relationships with the inventors rather than transfer one by one all of the institutional funds or all of the retail funds.
SGSS aims to finish migrating Credit Suisse clients onto its platform by the end of 2010.
Watch for Global Custodians Friday Interview for an in-depth interview with Frdric Barroyer CEO for SGSS Germany, and Alain Closier, head of SGSS, on the details of the deal.