AXA Investment Managers (AXA IM) says it has completed the transfer of its UK investment operations to State Street.
It was in December 2003 that State Street was appointed to provide investment operations for EUR300 billion of AXA IM’s assets under management.
The American banks is supplying AXA IM with fund accounting, performance measurement services, fund administration and investment operation support.
“We have been extremely pleased with the success of our partnership with State Street,” says Steve Wisson, Global Head of Operations of AXA IM. “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.”
As a result of the deal 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.
“We welcome the additional colleagues who have joined State Street today in London,” says Jeff Conway, senior vice president and head of State Street’s Investment Servicing business in the UK and northern Europe. “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.”
AXA IM has approximately EUR345 billion*under management. It employs over 2,100 people and has clients in thirteen countries.