Bloomberg News

SocGen’s Lyxor Chief Replaced by HR Executive Amid Job Cuts

February 03, 2012

Feb. 2 (Bloomberg) -- The head of Societe Generale SA’s Lyxor Asset Management is leaving the company and being replaced by a human-resources executive who was helping plan 880 job cuts at the lender’s French investment bank.

Chief Executive Officer Laurent Seyer is departing Lyxor, which created Europe’s first so-called synthetic exchange-traded fund, to join Axa Investment Managers as head of investment solutions, according to a statement from his new employer. He’ll be replaced at the end of March by Ines de Dinechin, the 45- year-old head of human resources at SocGen’s corporate- and investment-banking unit, the bank said in a statement today.

Lyxor’s assets under management shrank 23 percent last year to 73.6 billion euros ($97 billion), according to the most recent figures on the company’s web site. Some 31.2 billion euros of its assets were in ETFs as of the end of August. Providers of synthetic ETFs, which use swaps to clone stock, bond or currency returns, suffered outflows at the end of last year as markets slid.

Societe Generale, which is based in Paris, announced the job cuts on Jan. 4 as the sovereign-debt crisis crimps securities revenue for lenders amid increased regulatory scrutiny. De Dinechin’s replacement at the investment bank will be announced “at a later stage,” Societe Generale said.

She had taken the human-resources role in 2009 after stints as head of interest-rate financial engineering between 2002 and 2004 and head of fixed-income structured products from 2008. She joined the bank’s market operations in 1991. De Dinechin holds a degree in economics from Paris Dauphine university and an MBA in market finance from the Paris-based Institut d’Etudes Politiques, the bank said.

--Editors: Keith Campbell, Jon Menon.

To contact the reporter on this story: Fabio Benedetti-Valentini in Paris at

To contact the editors responsible for this story: Frank Connelly at; Edward Evans at

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