David Abitbol, chief executive of Societe Generale Securities Services, says there’s still plenty that asset servicers can do for fund manager clients to improve their costs base - and like some of his peers, the CEO is looking at dealing desks.
Outsourced dealing is a battleground for some asset servicers at present. In SGSS’s case, the firm effects outsourced dealing by using parent bank Societe Generale’s dealing desk I-Deal, which is linked to Crosswise, SGSS’s front-to-back office outsourcing solution.
Abitbol, in an interview with Funds Europe, says: “If you are an asset manager, you need to run an execution desk, so why not share and mutualise it, meaning you do not have to invest in dealing rooms, market connectivity, data and business continuity.”
Also in the interview the CEO says CrossWise’s partnership with the Dimension asset management system of SimCorp is “unique”, despite Dimension being involved in similar deals with other asset servicing firms. This is because CrossWise acts as a “one-stop shop”, he says, combining SimCorp technology with the support of SGSS’s middle and back-office services.
Our article also reveals that SGSS recently restructured its approach to business in the UK, deciding to retain “only commercial activities that support UK asset managers across its European operations, including Luxembourg and Ireland”, according to a spokesperson.
Read the full interview here: Executive interview: Into the front office
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