French pension fund CNAVPL mandates Societe Generale for custody
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French pension fund CNAVPL mandates Societe Generale for custody 11 May 2017Paris Reporter: Mark Dugdale
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Caisse Nationale d’Assurance Vieillesse des Professions Libérales (CNAVPL), the French national pension fund for self-employed professionals, has appointed Societe Generale Securities Services to provide custody services for its funds.
Societe Generale secured the mandate following a public tender. CNAVPL represents 10 pension funds and manages the basic pension plans of self-employed professional members.
“This mandate illustrates Societe Generale's capacity to provide a quality institutional offering on a competitive cost basis,” the French bank said in a statement. “With a strong foothold in the sector, this offering meets both the client’s operational needs and requirements in terms of asset safety.”
Societe Generale had €3.98 trillion of assets under custody at the end of March, as well as assets under administration of €627 billion.
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