The long-expected reorganisation of the securities services division at Socit Gnrale has taken place. The bank has set up a new division named Global Securities Services for Investors (SG GSSI) to provide investors with securities and listed derivatives services around the world.
SG GSSI groups together the activities carried out by Fimat, the Group’s broker that specializes in listed derivatives; investor services for corporates, asset managers, investment banks, brokers and individual customers; and securities and employee savings services for businesses. The new division will employ 3,800 people in 18 countries in Europe, the United States and Asia.
“With SG GSSI, Socit Gnrale has service capabilities covering all the asset classes in which our clients invest, confirming its commitment to supporting their growth in the increasingly global financial markets,” says Alain Closier, the former Global Head of Banking Services, who has been appointed Head of SG GSSI.
SG GSSI is attached to the Global Investment Management and Services (GIMS) group within Socit Gnrale, which includes SG Asset Management and SG Private Banking. GIMS employs 7,600 people.
“The creation of this division reflects Socit Gnrale’s ambition in these businesses and ensures the resources for sustained profitable growth,” says Philippe Collas, Chief Executive Officer, GIMS. “Investors, who represent Socit Gnrale’s strategic client targets, increasingly require the competitive integrated offer provided by GIMS”.
GSSI aims to serve broker-dealers, institutional investors, investment banks, retail banks and corporate.
Socit Gnrale claims to be the fourth largest asset manager in the euro-zone (Euros 237 billion under management at September 2003); the market leader in private banking in France, with a presence in Europe and Asia too; and the third largest custodian in Europe by assets in custody (more than US$1,200 billion at September 2003). Fimat is also a major force in the derivatives markets.