EUROPE - AXA Investment Managers is set to transfer its fund adminstration and investment operations in the UK, France and Germany worth e200bn to State Street Corporation.
The investment managers said that they had entered into exclusive discussions regarding the transfer.
Nicolas Moreau (pictured), CEO of AXA IM said: “In 2002 we decided to focus on those areas where we have undoubted competitive advantages in order to deliver superior investment solutions to our clients.
“The proposal to transfer key operations functions to State Street would be a consistent strategic step because it would provide AXA IM with a sustainable competitive edge in these important support functions leading to improved services for our clients.
AXA and State Street said in a statement: “The transfer is designed to ensure that the potential solution would result in improved services and consistent data, systems and processes across all of the AXA IM investment centres.
“One of the key criteria was how State Street would build upon and leverage the extensive knowledge and expertise of the AXA IM teams.”
Jay Hooley, executive vice president and head of State Street’s Global Investment Services said: “We’re delighted to have entered into exclusive discussions with AXA IM. Our proven track record in providing fund administration and investment operations support for the world’s leading asset managers, as well as our commitment to Europe continues to advance our strategic goals. We look forward to a successful conclusion to our negotiations.”
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