SocGen Securities Services forms global IT and back office units

SocGen Securities Services forms global IT and back office units

Société Générale Securities Services (SGSS) is establishing global divisions for its technology and back office operations as part of a major organisational overhaul.

The IT unit will be led by Jean Cadroy while Jean-Michel Leclercq will take charge of back office operations.

SGSS says the new set-up is designed to optimise resources and processing, with the two teams working directly with the heads of business lines to speed time to market.

The re-organisation is part of a wide ranging structural overhaul, which SGSS says is in response to "rapid expansion" over the past four years through organic growth, acquisitions and new mandates.

In February SocGen agreed a deal with UniCredit to buy the former Capitalia Group's clearing, custody, depositary bank and fund administration businesses. This followed the acquisition of the fund administration and middle and back office services of Pioneer Investments in Germany.

The group is forming seven new international business lines - clearing, custody and trustee, retail custody, fund administration and asset servicing, fund distribution, liquidity management and global issuer services - which will be supported by the IT and back office units.

Alain Closier will continue as global head of SGSS and will be joined by Bruno Prigent as deputy head, Alcibiade Vinot as chief administrative officer and Jean-Michel Mepuis as head of strategy and development.

SGSS says the new structure will help it expand the range of services and country coverage it can offer customers.

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