Credit Suisse outsources German fund administration to SocGen
Credit Suisse Asset Management in Germany has outsourced its fund administration business to Société Génèrale Securities Services (SGSS); under the terms of the agreement SGSS will provide Credit Suisse Asset Management in Germany with comprehensive fund administration services 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 is responsible for €62.2bn under administration through nearly 500 funds and benefits from more than 50 years of experience in the fund administration industry.