Societe Generale to work with Oddo 09 December 2010Paris Reporter: Justin Lawson
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Societe Generale Securities Services (SGSS) has signed a commercial agreement with Oddo Services to develop a joint securities services offering for medium-size wealth management players in France. These represent some 500 companies which currently process their operations themselves or outsource them to external providers.
This offering will provide a complete range of securities services to these clients, whose total assets under management amount to several tens of billions of euros and who are operating in an increasingly competitive environment with stringent regulatory constraints.
These clients will thus benefit from an offering which is specific to their requirements, including dedicated tools. They will benefit from the top-of-the-range expertise of two leading players in their fields: SGSS, the second-largest player in Europe for custody and trustee services, centralising agent services and fund valuation, and Oddo Services, recognised for its account management for private clients and its front office tools.
“We are very pleased with this partnership, which meets a real need in the market for high-end, competitive back-office services,” stated Tarak Achich, Managing Partner of Oddo & Cie and Head of Oddo Services.
Alain Closier, Global Head of SGSS, said: “This partnership is part of SGSS’ development policy, which combines organic growth, commercial partnerships and joint-ventures, to develop SGSS’ presence in 28 locations around the world”.
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