Asset Control says Socit Gnrale Corporate and Investment banking (SG CIB) has gone live with its AC Plus reference data solution.
An enterprise-wide project, known internally at the bank as the Galaxy project, is billed as the cornerstone for a re – engineering of information systems supporting equity derivatives.
“We are creating a comprehensive technology infrastructure in support of our leadership in equity derivatives,” says Jean-Luc Robieux, deputy manager in Equity Derivatives IT referential group. “Suppressing limitations that may have existed in legacy systems , Asset Control was chosen as a key component of this effort. As the system has moved into production, we are already seeing improvement in data reliability and consistency, as well as elimination of processing bottlenecks.”
In a competitive review of vendor offerings, Asset Control says it was chosen for its breadth of data coverage, broad functionality, scalability and speed of implementation. Galaxy is currently integrating data from several vendor and internal sources, and supporting the chain of deal execution from trading and research to accounting and settlement.
“The Galaxy project aligns perfectly with our vision of eliminating technology obstacles from the pursuit of best practices and optimal performance,” says Ger Rosenkamp, CEO of Asset Control. “Socit Gnrale has taken advantage of our system’s flexibility and enterprise-strength scalability to reach this milestone in their ambitious reengineering initiative. We look forward to supporting SG in expanding their leadership in global corporate and investment banking.”
Asset Control customers include the London Clearing House (LCH), Abbey National, ABN AMRO, Bankgesellschaft Berlin, Barclays Capital, Bayerische Landesbank, BBVA, Commerzbank, Dresdner Bank, Deutsche Bank, HSH Nordbank AG, Harvard Management Company, HypoVereinsbank, ING, ITG, Robeco, Socit Gnrale and Union Investment.