AXA Investment Managers (AXA IM) and State Street Corporation (State Street) says they have entered into exclusive discussions to transfer the fund administration and investment operations support for AXA IM in the UK, France and Germany to State Street. AXA is an important client of BNP Paribas Securities Services.
“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,” says Nicolas Moreau, CEO of AXA IM. “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.”
State Street says it was chosen after a detailed and rigorous assessment process, which was 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.
“We’re delighted to have entered into exclusive discussions with AXA IM,” says Jay Hooley, Executive Vice President & Head of State Street’s Global Investment Services. “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.”