Source: Societe Generale Securities Services
Societe Generale Securities Services (SGSS) and Credit Suisse (Deutschland) AG have signed an agreement on a partnership under the terms of which SGSS will provide Credit Suisse Asset Management in Germany with comprehensive fundadministration services.
Credit Suisse Asset Management in Germany has decided to outsource its fund administration business to SGSS as a dedicated partner which will provide a broad range of administrative and technological solutions to Credit Suisse (Deutschland) AG, including front-office services (ASP), funds administration and reporting services.
This new model allows Credit Suisse to implement a more flexible organisation to meet the requirements of an increasingly complex and continuously changing market and regulatory environment. As part of the new set up, SGSS will acquire the legal structure of Credit Suisse's Asset Management Kapitalanlagegesellschaft mbH which it will incorporate into its existing local structure, SGSS Deutschland KAG mbH.
The transaction is expected to close on 30 September 2010, subject to local regulatory approval. Credit Suisse (Deutschland) AG's Private Banking will not be affected by the transaction. The Portfolio Management, Client Services and Fund Distribution will also stay unchanged.
In Germany, SGSS benefits from more than 50 years of experience in the fund administration industry and as such participated in the creation of this industry. SGSS is now setting a new milestone in the development of the industry through this partnership with Credit Suisse and its fund administration outsourcing offer.
Today, SGSS in Germany is responsible for €62.2 billion* under administration through nearly 500 funds. The quality of its Master-KAG and Insourcing services was recently rewarded by two "Excellent" ratings by the German rating agency Telos.
Henning Busch, Head of Asset Management at Credit Suisse in Germany, says: "With this new partnership, Credit Suisse is prepared for the increased specialisation in the Asset Management market and business. This is in line with our strategy in Germany and throughout Credit Suisse Asset Management to focus on our core strengths, which are Client Services and Portfolio Management - with with Alternative Investmwith with Alternative Investments, Multi Asset Class Solutions (MACS) and Passive Investment Strategies."
Alain Closier, Global Head of SGSS, adds "We are proud to welcome on board to our Master-KAG-platform a new, prestigious client. We are foremost pleased that the quality of our services and our client oriented approach has met the demand of Credit Suisse Asset Management's local needs."