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SGSS mandated by Ellipsis Asset Management for its « Swing Pricing » offer in France

Societe Generale Securities Services (SGSS) has been mandated by Ellipsis Asset Management for its « swing pricing » offer, covering a selection of its funds in France.

Authorised in France since the publication of the French Asset Management Association’s (AFG) charter on 20 June 2014, « swing pricing » is a mechanism which enables the net asset value to be calculated in a way which assures more equality among shareholders, notably by reducing the dilution effect related to significant subscription or redemption movements. In the absence of such a mechanism, the costs of readjusting the fund would be borne by shareholders who are already in the fund, whereas the costs are actually caused by the movements of other investors, namely those entering the fund or withdrawing from it.

Ellipsis Asset Management is among the first asset managers in France to put a « swing pricing » mechanism in place. SGSS was selected for its recognised expertise in this area and for its capacity to offer, in a short period of time, a robust and secure solution adapted to the French market.

This mandate underlines the commitment of SGSS’ teams to accompany their clients in a financial environment undergoing constant change and to provide them with high quality and innovative services which respond to the needs of their specific market.

Ellipsis AM is a fund management company belonging to the Exane Group. With an 11-year track record in fund management, originally in convertible bonds, Ellipsis AM currently has 1.4 billion euros in assets under management (as at 30/06/2014). Capitalising on Exane’s expertise, the company offers convertible bond funds, high yield and short maturity bonds and diversified assets.