Société Générale is live with Misys solution to support its asset servicing and custody services business

Misys, the global application software and services company, announced today […]

April 2, 2009

Misys, the global application software and services company, announced today that Société Générale Securities Services (SGSS) has gone live with the Summit FT integrated solution to support its growing asset servicing and custody services business in Paris, France.

SGSS has experienced strong growth in demand from asset management firms, insurance companies and other buy-side institutions looking to trade OTC derivatives and structured products. SGSS engaged Misys to unify systems across its fund administration & asset servicing (middle office) as well as custody depository & trustee services (back office) businesses.

The firm, which has €2,560 billion of assets under custody, (at end of December 2008) has completed the implementation of Misys Summit FT, an established multi-asset class front-to-back office solution. SGSS has also installed Misys Summit MUST application, the leading software platform for pricing and managing exotic OTC derivatives, hybrid and structured products.

With the current volatility in equity markets, accurate and independent valuation is becoming increasingly important for an institution’s governance and a key part of the Misys Summit FT solution for SGSS was the additional functionality of independent valuation.

Serge Jacqueline, Head of Fund Administration and Asset Servicing for SGSS, comments: “Our OTC derivatives outsourcing service launched two years ago is one of the few solutions in the market for firms that want to take a modular approach and outsource just the OTC derivatives component of their middle and back office. Unifying our middle and back office platforms with Misys Summit FT will create real-time processing in the business with much stronger collateral tracking and valuation helping us create strong returns for client firms currently using the service.”

SGSS decided to replace its existing legacy systems and selected Misys Summit FT after evaluating a number of other competitor offerings. Additionally, SGSS utilized Misys Consulting Services for implementation and integration to gain maximum value from their investment.

Dan Cohen, Global Solutions Manager for Misys Summit comments: “Successfully building a modular and sophisticated OTC derivatives outsourcing service like SGSS is an impressive achievement. We’re seeing real demand for integrated technology solutions delivering OTC derivatives portfolio valuation and collateral management as well as post-trade processing and trade lifecycle management including confirmations, settlements and accounting events generation”.

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