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Societe Generale Securities Services (SGSS) has just completed a commercial alliance with US Bancorp Fund Services (USBFS) under the name of Global Securities Services Alliance (GSSA).

This alliance will give both parties global reach for both US and European domiciled funds. SGSS has €3,246 billion of funds under custody with USBFS having US$590 billion under custody.

Alain Closier, Global Head of Societe Generale Securities Services, commented on the rationale of the alliance: “The objective of this alliance is to offer asset managers wanting to domicile or to distribute their funds in Europe a comprehensive and combined package of services as well as the platform and the expertise required to do so in Europe and the U.S. Each partner will service the client based on its geographical area of expertise but via a homogeneous and unique client relationship and a common and integrated reporting.”

He further stated that:  “The alliance leverages the significant strength and market expertise of both Societe Generale in Europe and U.S. Bancorp in the U.S. which are not necessarily available through one organization  a) Local expertise and presence in the product domicile provides fund sponsors with support to regulatory, distribution and investor market trends and b) Societe Generale and U.S. Bancorp have a significant history and strength of reputation within the respective local markets.”

Asked on the benefits to SGSS Closier stated : “It is not our wish to develop in the USA. Our homeland is Europe and we intend remaining one of the Top 3 providers in the EMEA zone.  The alliance will help us to do this in the sense that it will help us in diversifying our clients portfolio and in saturating our platforms in Europe, hence reducing our cost and giving us an opportunity for additional revenue – but this is not our main objective with this alliance. Our main objective is really to answer to the needs of global clients first.”

Commenting on possible future development plans of the Alliance  Closier commented:  “The rationale behind this alliance is the same as the alliances formed in the airlines industry; in the sense that clients have grown more and more global in their needs, yet, the providers today are not truly global or even local in all the major countries sought after by their clients. Today, we have made a commercial alliance with USBFS to meet their existing clients needs and those of other US prospects wanting to do business in Europe where we are in a position to provide local support. This also helps us to diversify our own client portfolio and to saturate our platforms in Europe. In due course, we may apply the same logic to other regions of the world. “
