The former head of Société Générale's investment banking business, whose future at the bank had been in question following his replacement at the helm of the division, has emerged as the new head of its asset management, private banking and custody unit.

Jean-Pierre Mustier has been appointed head of global investment management services and chairman and chief executive of Société Générale asset management, which includes private banking and controlled €435bn ($625.4bn) at the end of 2000. His responibilities will include oversight of the bank's custody business, one of the largest in Europe with €2.7 trillion in assets under management.