France’s Société Générale Securities Services and Oddo Services, part of the Swiss banking group Oddo & Cie, are to join forces on a securities services offering aimed at French wealth management houses.

The new offering will target in particular medium-sized firms which currently either process their operations themselves or which outsource them to third-parties, of which SGSS has calculated there are around 500 in France. This sector of the industry is thought to represent several tens of billions of euros in assets under management.

The firms said that clients will benefit from a combination of SGSS’ experience in custody, trustee services and centralising agent services and fund valuation, along with Oddo’s experience in private client account management and its front office tools.

“We are very pleased with this partnership, which meets a real need in the market for high-end, competitive back-office services,” said Tarak Achich, managing partner of Oddo & Cie and head of Oddo Services.