SGSS wins first French client for front-to-back outsourcing platform

CrossWise was launched at the end of April to enable asset managers and banks/broker-dealers to outsource as many services as needed

By Joe Parsons

Societe Generale Securities Services (SGSS) has signed up its first French bank/broker-dealer client to its newly launched front, middle and back-office outsourcing platform, CrossWise.

UBS La Maison de Gestion, the French subsidiary of UBS, has selected SGSS CrossWise to manage its investment operations across the entire operation value chain covering all asset classes.

“CrossWise is a single turnkey solution that incorporates proven trading and front, middle and back-office management services in an integrated manner”, says Marc Lévy, UBS La Maison de Gestion’s chairman. “This enables us to focus on our main sources of added value that are management and development”.

SGSS has migrated 51 funds on the new platform, with daily and weekly valuations of a broad range of instruments, balancing with UBS La Miason de Gestation’’s external multi-custodian bank model.

CrossWise was launched at the end of April to enable asset managers and banks/broker-dealers to outsource as many services as needed, allowing them to concentrate on their core businesses, such as asset selection, distribution and execution.

The platform also incorporates all of SGSS’s front-to-back proficiency and expertise across trading and securities services, allowing clients to optimise their operating models and regulatory requirements.

The launch of the solutions comes as banks look to combine their investment banking and securities services divisions in order to sign up asset management clients in long-term deals.

Speaking at the Network Forum in Vienna, Jane Karczewski, managing director, head of global custody at HSBC Securities Services, said that given the amount of market data and sources custodians have, they could play a vital part in the front-end decision-making process for clients.

One example how custodians could play a front-office role is in research, due to sweeping regulatory changes over research payments.

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