Societe Generale's custody unit has set up a new business solutions team, with 15 people already in eight locations in Europe and more hires to follow.

Ex-State Street vice president Matthew Davey has been appointed as managing director and head of business solutions, effective immediately.

The newly created team reflects the bank’s aim to reinforce its service offering for institutional investors, asset managers, financial intermediaries and corporates, SGSS said in a statement.

With the 15 new hires reporting to him, Davey is in the process of hiring "a few more". SGSS declined to reveal any specifics for the time being. 

In his newly created role, Davey will be based in Paris and will report to Christophe Baurand, global head of coverage, market and solutions.

Davey will be responsible for expanding SGSS’ service offering across all market, product and client segments. 

He will work closely with the global product engineering team to promote business solutions to clients, which support their organisational models and the changing regulatory framework.

Davey was at State Street until April 2016, where he served as senior vice president and head of asset manager client management group (UKMEA) for over a year. 

He previously spent 11 years at State Street from 1996 to 2007, where he held various management roles, including vice president for investor services EMEA.

In between his time at State Street, Davey was an executive director at JP Morgan (2007-2011) and a director for HSBC Securities Services (Europe) from 2011 until 2014.