FRANCE - Jean-Pierre Mustier, a 22-year veteran at Société Générale (SocGen), and head of the firm's asset management and private banking arms, has resigned amid allegations of insider trading.
SocGen said proceedings with the French Financial Markets Authority (AMF) have been launched against Mustier and Robert Day, chairman of US-based asset management firm and SocGen subsidiary TCW Group, for insider trading.
Both men reject the allegations, the bank said in a statement last week.
SocGen said: "With regard to Jean-Pierre Mustier, the Group confirms that it had been agreed that he would leave the Group upon completion of the SGAM/CAAM merger, and by 31 December 2009 at the latest.
"In view of the ongoing AMF procedure, Jean-Pierre Mustier has decided, in the interest of the Group, to anticipate his departure and has tendered his resignation, which has been accepted."
SocGen and Crédit Agricole agreed to merge their asset management units in January. (Global Pensions; January 26, 2009)
Day has not resigned, confirmed SocGen spokesman Jolyon Barthorpe.
The top stories this week were the High Court's decision to block the £12bn annuity transfer from Prudential to Rothesay Life, and a separate court ruling that 'raises the bar' for pension rectification exercises.
Guaranteed minimum pension (GMP) equalisation has soared to the top of pension schemes' to-do lists, with 58% stating it is a priority project, research from Equiniti has revealed.
Professional Pensions is holding its defined contribution (DC) conference on 4 September.