EUROPE - AXA Investment Managers' will transfer more than 300 employees and over 1500 portfolios worth e300bn to State Street as part of a recently completed outsourcing agreement.
Under the agreement, State Street will cover the middle office functions, fund accounting, performance measurement services, fund administration and investment operation support.
“The partnership… is a strategic agreement enabling AXA IM to focus on its core business (asset management and the development of investment solutions for its institutional clients and distributors) while benefiting from the technology provided by a world leader in middle and back office services,” AXA IM said in a statement.
WM Performance Services – State Street’s performance measurement arm – will provide its services as part of the agreement.
The transfer of operations in the UK is due for completion by the end of the first quarter of 2005. On December 1, 201 AXA IM employees in France and 16 in Germany joined State Street as part of the agreement.
Commenting on the partnership, AXA IM chief executive Nicolas Moreau said: “The choice of State Street was based upon its proven expertise of securing large and complex investment operations mandates and a demonstrable track record of service delivery.”
Jay Hooley, executive vice president of State Street Corporation said: “This landmark mandate from AXA IM, the fourth major investment operations outsourcing appointment for State Street in Europe and the first ever mandate to a third-party service provider in France and Germany, demonstrates our ability to secure complex and multi-jurisdictional servicing business.”
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