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  3. SocGen holds Nautilus mandate in South Africa
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SocGen holds Nautilus mandate in South Africa
07 June 2016 Johannesburg
Reporter: Drew Nicol

Image: Shutterstock
Nautilus Managed Account Platform retained Societe Generale Securities Services to provide trustee services for its management company in South Africa.

The appointment follows the decision by the Financial Services Board (FSB) in South Africa to extend the scope of funds regulated by the Collective Investment Scheme Control Act (CISCA) to include hedge funds.

Societe Generale will continue to offer position-keeping of assets, daily control of liquidity flows and obligatory inspections and audits to the Nautilus Managed Account Platform, which has been a subsidiary of the Johannesburg Stock Exchange since 2011.

Nautilus cited Societe Generale’s local presence combined with its established international reach, along with its recognised investment fund and global banking expertise, as reasons for renewing the mandate.

CISCA regulates qualified investor funds and retail hedge funds, both types of hedge funds, in South Africa.

Management companies seeking to offer hedge funds to the public are required to register with the FSB and appoint a trustee, which now places the oversight and supervision of institutional and retail hedge funds under the jurisdiction of the FSB.
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