Consistent Expansion In Progress
Efforts continue to further strengthen the SGSS direct sub-custody network. Tunisia is the next African country in line to be added to a network that is already 20-strong.
“The policy has been one of consistent expansion over the past few years, enabling us to service our clients more fully in a growing number of markets,” explains Mathieu Maurier, Global Head of Sales and Relationship Management at SGSS.
“This clearly has a number of positive implications for clients in terms of ongoing costs and efficiencies, but most immediately in relation to the additional responsibility being imposed upon custodians by the Alternative Investment Fund Manager Directive (AIFMD) to return client assets in the event of financial disaster.
“If you are acting as your own sub-custodian you are significantly better placed to comply with those requirements than any institution using a third-party provider. We know that the ultimate bookkeeper in such circumstances is part of Societe Generale, a fundamentally solid bank.”
For more information: Mathieu.Maurier@sgss.socgen.com