UK - AXA Investment Managers (AXA IM) has completed the transfer of its UK investment operations to State Street Corporation.
In December 2004, State Street was appointed to provide investment operations for e300bn of AXA IM’s assets under management.
These services cover middle office functions including fund accounting, performance measurement services, fund administration and investment operation support.
As a result of the agreement with State Street, more than 100 AXA IM employees have joined State Street in London. The transfer of AXA IM’s fund administration and investment operations support in France and Germany was completed in December 2004.
Steve Wisson, global head of operations of AXA IM said: “The partnership provides AXA IM with a unique opportunity to leverage State Street’s continued and significant investment in technology, thereby raising our operational efficiency and improving both data quality and client service delivery.
Consequently, AXA IM is able to focus on enhancing front office processes, a core component in delivering investment excellence and providing superior investment solutions to all its clients.”
Jeff Conway (pictured), senior vice president and head of State Street’s investment servicing business in the UK and northern Europe added: “Building on the momentum we have already established with AXA IM in Paris and Cologne, we are well-positioned for continued growth in the UK.
As the leading provider of investment operations outsourcing services, our local presence combined with our global reach provide our customers with a unique competitive advantage. We look forward to continuing our partnership with AXA IM.”
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