SGSS provides admin solutions for SCM Private 28 October 2014London Reporter: Stephanie Palmer
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Societe Generale Securities Services (SGSS) in the UK has been mandated by investment company SCM Private to provide an outsourcing solution for wealth and investment management administration.
SGSS will work with three newly-launched direct-to-consumer online wealth management platforms, SCM Direct.com, MoneyShe.com and SCM 50.com.
Gina Miller, founder of SCM Private, said: “SGSS was the only provider that was able to meet our functionality, administrative, custody and fund administration requirements. They understand the wealth management industry’s need and demand for a tailored turn-key solution that adapts both to regulatory and cost cutting pressures, as well as the changing profile of end-investors.”
The new sites are designed to offer clients low-cost access to high-end investments, and SGSS was selected for its ability to combine multiple middle and back-office services including execution, portfolio management and custody safeguarding.
Michael Le Garignon, head of sales, business development and relationship management at SGSS, said: “We have worked closely [with SCM Private] to ensure that we are delivering a solution that not only represents value both to SCM Private and their end-investors, but that delivers a scalable, long-term solution.”
The SGSS wealth and investment management outsourcing launched in the UK in September, offering mid-tier fund managers both front and back-office administrative solutions.
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