Jean-Pierre Mustier was appointed head of Societe Generales global investment management and services division, which comprises asset management, private banking and custody business, confirmed spokeswoman Mireille Mourtada.
Mr. Mustier will replace Philippe Collas, who will retire from his role in the global investment management and services division but remain with the bank as senior adviser to SocGen CEO Frederic Oudea. Mr. Mustier will also become chairman and CEO of Societe Generale Asset Management, replacing Alain Clot, who will be appointed to another position within SocGen that Ms. Mourtada said has not been announced.
SocGens investment management and services division had €381.4 billion ($540 billion) in assets under management as of June 30, a drop of about 18% from €467 billion a year earlier. In the first half of 2008, the group suffered outflows totaling €7.6 billion compared with total asset inflows of €36.4 billion in the first half of 2007.
Mr. Mustier was CEO of SocGens corporate and investment banking division. Michel Peretie, former CEO of Europe for Bear Stearns, replaced Mr. Mustier as CEO of corporate and investment banking, according to Ms. Mourtada.