Credit Suisse Asset Management in Germany has decided to outsource its fund administration business to Societe Generale Securities Services (SGSS).
As part of the new set up, SGSS will acquire the legal structure of Credit Suisse’s Asset Management Kapitalanlagegesellschaft which it will incorporate into its existing local structure, SGSS Deutschland.
The transaction is expected to close on September 30, 2010, subject to local regulatory approval.
Henning Busch, head of asset management at Credit Suisse in Germany, said: “With
this new partnership, Credit Suisse is prepared for the increased specialization in the
asset management market and business.
“This is in line with our strategy in Germany and throughout Credit Suisse Asset Management to focus on our core strengths, which are client services and portfolio management – with alternative investments, multi asset class solutions and passive investment strategies.”
Alain Closier, global head of SGSS, said: “We are proud to welcome on board to our Master-KAG-platform a new, prestigious client. We are foremost pleased that the quality of our services and our client oriented approach has met the demand of Credit Suisse Asset Management’s local needs.”