Société Générale Securities Services buys Pioneer units

Source: Société Générale Securities Services

Société Générale 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. (PGAM).

The entity resulting from this acquisition, named Société Générale 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 EUR 52 billion as at 30 September 2007.

This acquisition confirms SGSS' position as a major player in the provision of fund administration services in Germany, ranking 3rd European global custodian with EUR 2,585 billion in assets under custody as at 30 September 2007 and EUR 451 billion in funds under administration (including pro forma figures for Pioneer Investments).

Juergen Scharfenorth, who was previously CEO og SGSS' fund administration activities in Germany, will be CEO of the new entity, reporting directly to Serge Jacqueline, Head of Fund Administration for SGSS.

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