Societe Generale Securities Services (SGSS) has completed its acquisition of the fund administration and middle and back office services of Pioneer Investments in Germany, a subsidiary of Pioneer Global Asset Management S.p.A.
The entity resulting from this acquisition, named Societe Generale Securities Services Kapitalanlagegesellschaft mbH, will have around 180 employees. Clients for the activities acquired by SGSS in Munich include Pioneer Investments and other German fund managers. The related funds under administration amount to 52 billion as of 30 September 2007.
SGSS is ranked 3rd European global custodian with 2,525 billion in assets under custody as of 30 September 2007 and 451 billion in funds under administration.
Juergen Scharfenorth, who was previously CEO of SGSS’ fund administration activities in Germany, will be CEO of the new entity, reporting directly to Serge Jacqueline, head of fund administration, SGSS.