Overture turns to SocGen for outsourced back office service

Overture turns to SocGen for outsourced back office service

New York-based Overture Financial Services has chosen France's Société Générale to provide securities back-office processing for its new multi-currency separately managed accounts (SMA) platform.

Overture develops investment platforms for financial intermediaries in conjunction with its investment advisor subsidiary, Overture Investments. The company says Thomson Financial, Vestmark and MM Squared have also been involved in the development of its new SMA platform.

In this new deal, SocGen's global securities services for investors (GSSI) unit will provide users of the Overture platform with hosted back office services.

SocGen says the agreement will enable Overture Financial to provide investment managers with direct market access, real-time trading, allocation and acceptance, straight-through processing (STP) and best execution support.

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