Sections

SocGen asset head resigns on insider trading probe

Related images

  • SocGen asset head resigns on insider trading probe

FRANCE - Jean-Pierre Mustier, the current head of asset management at Société Générale, has agreed to step down from his role by the end of the year after the Financial Markets Authority (AMF) named him in an insider trading probe.

SocGen said it has received letters of grievance opening proceedings from France's financial regulator's Sanctions Commission naming Mustier -  - and Robert Day, a non-executive director, concerning insider trading related to financial information and the market of SocGen shares. (See earlier IPE story: Shake-up changes SGAM head)

No further information has been given and the firm said this brings to an end the investigation started by authorities in January 2008, sparked by rogue trader Jerome Kerviel. http://www.ipe.com/news/rogue-trader-loses-socgen-4-9bn_26860.php

Both individuals deny any wrongdoing regarding the insider trading allegations but Mustier has tendered his resignation and agreed to leave once the SGAM/CAAM merger is complete, by 31 December at the latest.

SocGen said in a statement it wished to "pay tribute to Jean Pierre-Mustier's commitments over the past 22 years" at the firm.

He moved from head of investment banking services last year to become head of both divisions last year as head of Global Investment Management and Services (GIMS) and head of SG Asset Management.

This latest revelation is likely to be a further blow to the company as it lost its chief executive Daniel Bouton when the Kerome scandal exposed SocGen's weaknesses in risk monitoring.

If you have any comments you would like to add to this or any other story, contact Julie Henderson on + 44 (0)20 7261 4602 or email julie.henderson@ipe.com

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2467

    Asset class: Search for a broker (mainly ETFs).
    Asset region: Global.
    Size: 250m.
    Closing date: 2018-08-28.

  • DS-2468

    Closing date: 2018-08-24.

  • QN-2469

    Asset class: All/Large Cap Equities.
    Asset region: Global Emerging Markets.
    Size: USD 500m.
    Closing date: 2018-09-04.

Begin Your Search Here