Societe Generale Securities Services (SGSS) now provides clients with a single platform Transfer Agency solution for investment funds domiciled in Luxembourg or Ireland.
This single platform is the latest phase in the development of SGSS’ global Fund Distribution Services offering, providing asset managers with a simpler reporting and follow up with funds domiciled both in Luxembourg and Ireland, where domiciled UCITS funds amount to EUR2,640 billion and accounted for over 43% of the European UCITS industry total net assets (source EFAMA, 31/12/2010). The platform combines the traditional UCITS strength of the Luxembourg platform with SGSS’ hedge fund specialisation in Ireland, providing a powerful service platform for a broad spectrum of funds from alternative funds and alternative UCITS to traditional UCITS products.
The fund distribution services of SGSS include record-keeping of funds, handling of subscriptions/ redemptions, trailer fees calculation and payment to distributors and support to asset managers in their distribution of funds (paying and representative agent function).
This new single platform will also enable Irish-registered funds to be linked to the NSCC (The National Securities Clearing Corporation) distribution platform in the US or to be serviced by SGSS’ local Asian office accessing the same technology. SGSS will thus be able to serve asset managers in their distribution of Irish domiciled funds either in Asia, through its Hong Office linked to the Irish platform, or in their distribution to American investors, thanks to its connectivity with NSCC platform. This technology will also simplify the process for UCITS IV initiatives such as cross-border mergers and master-feeder structures.
By upgrading its level of services, SGSS will be in a position to accompany its clients by providing a combined reporting across domiciles while helping standardise the investor experience, in particular with regard to the merger of funds or master feeder structures.