Inarcassa, the Italian national social assistance fund for self-employed engineers and architects, has appointed Societe Generale Securities Services (SGSS) in Italy to act as its depositary bank.

Inarcassa will receive a portfolio of services covering custody and settlement, fund accounting, trustee, portfolio analysis reporting and cash management services through this mandate.

SGSS was retained by Inarcassa for its expertise in this sector, in particular its capacity to provide clients with solutions and web platforms capable of meeting their operational needs for asset monitoring, valuation and reporting.

SGSS in Italy offers a range of securities services to a client base of asset managers and asset owners, financial institutions and brokers. These include settlement, custody and trustee services, fund administration, middle-office services, risk & performance, liquidity management and transfer agent services.

Established in 1958 as a national public body, Inarcassa is now a private organisation that provides social assistance to self-employed engineers and architects. The fund has approximately EUR7bn of assets under management and around 170,000 subscribers, of whom 40% are under 40 and 20,000 are retirees.