Credit Suisse AM in Germany to outsource fund administration
GERMANY - Credit Suisse Asset Management in Germany has decided to outsource its fund administration business to Société Générale Securities Services (SGSS).
Under the terms of the partnership, SGSS will provide funds administration, reporting services and administrative and technological services - including front office.
SGSS will also acquire the legal structure of Credit Suisse Asset Management Kapitalanlagegesellschaft, which it will incorporate into its existing local structure, SGSS Deutschland KAG.
Neither Credit Suisse Deutschland's private banking unit nor its portfolio management, client services and fund distribution divisions will be affected by the deal.
Credit Suisse said the partnership would make the company more flexible and help it to meet the requirements of an "increasingly complex and continuously changing market and regulatory environment".
Henning Busch, head of asset management at Credit Suisse in Germany, added that the deal would better prepare his company for the increased specialisation in the asset management market and business.
The parties expect to close the deal by the end of September, subject to regulatory approval.