SGSS appoints Olivier Renault as Country Manager for Luxembourg

Societe Generale Securities Services (SGSS) has appointed Olivier Renault as Country Manager for SGSS in Luxembourg, replacing Michel Becker. Olivier Renault will report to SGSS Executive Management and becomes a member of the Executive Committee of Societe Generale Bank and Trust (SGBT), in charge of Securities Services(1).

SGSS in Luxembourg offers its clients international custody, fund administration and fund distribution services, as well as securities lending and borrowing & independent OTC valuation services, an expertise which is increasingly sought after by asset managers in the current financial context.

SGSS in Luxembourg also provides numerous advantages for French investors, enabling them to benefit from a single accounting and custody platform for both countries, alongside common developments and upgrades for interface entries and exits, as well as from comprehensive pricing mechanisms for funds domiciled in both countries. Clients have access to standardised reporting through a single online tool and to identical network access times and functionalities.

The Luxembourg financial market is the world's second-largest for investment funds, the largest European centre for captive reinsurance companies(2) and the euro-zone's leading centre for private banking. SGSS is one of the largest securities services providers in Luxembourg ? a position confirmed by Lipper's(3) annual rankings.

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Olivier Renault, 46, has a degree from the Paris Graduate School of Economics, Statistics and Finance (ENSAE) and began his career as a consultant in the banking sector before being appointed Director of Financial Control for a services company in France. He joined Societe Generale Group's Human Resources department in 1999 and was then appointed Head of  Clearing at SGSS in France. In 2006, he became Deputy Head of SGSS S.p.A. in Milan where, in particular, he managed project integration and synergies with this subsidiary, which was acquired by Societe Generale that year.

(1) SGBT is a multi- specialist bank in Luxembourg (corporate banking, securities services, private banking and market activities), a wholly-owned subsidiary of the Societe Generale group.

(2) A captive reinsurance is an insurance or reinsurance company that belongs to an industrial or commercial company whose main activity is not insurance. Its objective is to cover the group's risks.

(3) Lipper, a Thomson Reuters company, is a global leader in supplying mutual fund information, analytical tools, and commentary. Lipper's benchmarking and classifications are widely recognized as the industry standard by asset managers, fund companies and financial intermediaries.