The third largest French bank by market capitalization Societe Generale ‘SocGen’ announced the introduction of new services for asset management companies through its Security service subsidiary.
This new offering targets investors that intend to design and integrate innovative professional funds into their portfolios based on cryptocurrencies. Assets managers now get to offer their services in a simple and adapted manner within the stipulated regulatory framework of Europe.
Once an asset manager signs up for this new service, it will get permission to operate in three capacities. Specifically, they will act as fund custodians, evaluators, and a liability manager.
Arquant Capital Adopts Societe Generale’s New Service
Swiftly, the new SocGen service has been adopted by asset manager Arquant Capital SAS. Arquant Capital SAS which is licensed under the French Financial Markets Authority (AMF, “Autorité des marchés financiers”) is equally introducing a range of professional funds under the French law that is invested in crypto.
Eron Angjele, the CEO of Arquant Capital SAS believes that this new service will help the company serve its clients better. With the focus on cryptocurrencies, greater value is in store for their clients.
Generally, the new SocGen service goes further to express financial institutions’ desire to get more involved in the crypto industry and live up to trends in the advancing financial economy. Meanwhile, this is in correlation to the spiking interest and demand for crypto-related services amongst clients.
Speaking of the Arquant Capital SAS deal, the Director of Societe Generale Securities Services commented, “By combining Societe Generale’s innovation expertise with Arquant Capital’s technical skills, we are expanding SGSS’ ability to meet the diversification needs of asset managers.”
Societe Generale is a multinational financial institution with about $1.6 trillion in assets. The bank is currently in 22 locations around the globe with about 4,000 employees.
SocGen is a custodian that also offers trustee services for 3,312 funds and valuation services for 4,426 funds. Markedly, it is one of those firms that is working with the European Central Bank to design the Central Bank Digital Currency (CBDC), digital Euro.