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Editorial

 

No meeting involving participants in the European investment industry and the sub-industries which service its needs would be complete without multiple discussions on the ever-changing regulatory environment.

Ever since the events that became the international financial crisis began to unfold in the summer of 2007, culminating in the collapse of Lehman Brothers in September 2008, investment managers and their suppliers have had to cope with multiple uncertainties and the threat of additional costs.

Both inevitably feed through and impact the service provided to end-investors - sometimes negatively but often surprisingly positive. If the need to re-engineer existing solutions helps to present the opportunity to remove one or more layers of complexity and cost from the pre-trade, execution and post-trade processes, that can deliver greater efficiencies and lower overall costs.

This relaunch issue of Momentum, the SGSS client news and comment service, tackles the hydra-esque topic usually referred to as the AIFMD (Alternative Investment Fund Manager Directive).

In these pages we have tried to convey the readiness of our industry for this landmark regulation, which is scheduled to be transposed into European Union member state law from July 22 this year. We have taken soundings from SGSS clients as well as our own internal experts on the challenges they face and the changes they have made.

Topics addressed include the underlying principles guiding the AIFMD, the likely changes in the fund distribution landscape, the implications in terms of cost and technology, and the differences and similarities between it and UCITS V.

In areas beyond AIFMD we take a brief look at the continuing reshaping of markets in central and Eastern Europe, and the likelihood that the latest phase in consolidation of the securities services industry there could prompt some investors to review their existing arrangements for custody and other services. Regular readers will find familiar features, albeit in a slightly revised form, and new features which have been conceived and commissioned specifically to ensure the new look meets the demanding targets placed upon it by all at SGSS.

Dez
2016
Altana Wealth Limited selects SGSS in Ireland for its UCITS fund structure
Altana Wealth Limited in the United Kingdom has appointed Societe Generale Securities Services (SGSS) in Ireland to...
Nov
2016
Vatel Capital appoints SGSS to provide custody, depositary bank and valuation services
Introduced by the Finance Law in 2007, FIP Corse is a local investment fund of which 70% of its assets are invested in...
SGSS
Introduced by the Finance Law in 2007, FIP Corse is a local investment fund of which 70% of its assets are invested in small and medium-size enterprises on the French island of Corsica. The purpose of FIP Kallisté Capital n°9 is to invest in Corsican SMEs whose main activities are in the tourism, renewable energy, health and dependency, agro-food or business...
de/presse-terminkalender/news/pressemitteilungen/news/vatel-capital-retient-sgss-pour-fournir-des-services-conservation-banque-depositaire-valorisation/
Nov
2016
SFIL appoints SGSS for global custody services
SFIL, the leading French local public sector and export financing agency, and CAFFIL, a French specialized credit...
SGSS
SFIL, the leading French local public sector and export financing agency, and CAFFIL, a French specialized credit institution (société de crédit foncier), have mandated Societe Generale Securities Services (SGSS) to provide global custody services for their public sector assets in Europe. This extends an existing mandate for valuation services with SFIL in...
de/presse-terminkalender/news/pressemitteilungen/news/sfil-appoints-sgss-for-global-custody-services/
Nov
2016
Eurotunnel retains SGSS for its issuer services
Eurotunnel has appointed Societe Generale Securities Services (SGSS) to provide shareholder services which include share...
SGSS
Eurotunnel has appointed Societe Generale Securities Services (SGSS) to provide shareholder services which include share registry services, centralised financial services and shareholder meeting services for its 27,000 registered shareholders in France and the United Kingdom.
de/presse-terminkalender/news/pressemitteilungen/news/eurotunnel-retains-sgss-for-its-issuer-services/
Nov
2016
Quarterly Financial Information
Q3 16: Sound Commercial And Financial Performance
Okt
2016
Societe Generale Securities Services strengthens its teams in India and Poland
Societe Generale Securities Services (SGSS) announces the following appointments: David Jaegly has been appointed...
Sep
2016
SGSS appoints new Global Head of Sub-Custody Network Management
Societe Generale Securities Services (SGSS) has appointed Massimiliano Notarianni as Global Head of Sub-Custody Network...
Sep
2016
SGSS mandated by KELER, the Hungarian central securities depository
Societe Generale Securities Services (SGSS) has been mandated by KELER, the Hungarian central securities depository, to...
Sep
2016
Societe Generale present at Sibos 2016
Societe Generale is exhibiting at SIBOS 2016 in Geneva this year, from 26 to 29 September, to showcase its broad range...