Societe Generale Securities Services in Italy has picked up a mandate by Italian energy pension fund, Fondenergia, to act as its depository bank.
SGSS provides European pension funds with a service built around asset protection, performance and reporting.
SGSS S.p.A. was picked by Fondenergia for its capacity to provide clients with innovative solutions capable of meeting their operational needs in a constantly evolving regulatory environment, said a release.
Through this mandate, Fondenergia benefits from custody and depository bank services for fund monitoring and trustee services to ensure that all the controls required by the Italian regulator are met for full compliance in order to reach its investment goals.
SGSS in Italy offers settlement, custody and trustee services, fund administration, middle-office services, risk & performance, liquidity management and transfer agent services.
Fondenergia is a contractual pension fund for employees in the Italian energy industry. At the end of 2012, assets under management totalled around €1.27 billion and the estimated net contribution assets will amount to around €100 million for 2013 and the following years.
Around 40,000 members subscribe to the fund.
.jpg)