AXA Investment Managers Inc. has chosen Bank of New York to provide it with the full range of outsourcing services for its US Investment Grade Team catering to institutional investors. AXA IM is part of the global AXA Group, which currently manages over $865 billion in assets around the world.
“We selected The Bank of New York as our outsourcing partner because they were very responsive and offered us a creative solution to meet our growing business needs,” says Robert A. Kyprianou, director of AXA Investment Managers. “We feel that The Bank of New York is able to provide the high quality operational platform necessary to support our new U.S. investment-grade investment management business. With this arrangement, we are able to focus on investment decisions, confident that the Bank will manage our infrastructure needs on an ongoing basis.”
The Bank of New York will assume responsibility for operational functions, including trade support, data management, portfolio accounting, reconciliation and performance measurement. In addition, the Bank will produce end-investor statements and deliver a variety of portfolio information to AXA IM via the Internet. The infrastructure aims to facilitate full straight-through processing from instruction capture to portfolio accounting and reporting.
“Momentum continues to build in the investment operations outsourcing arena,” says Andrew J. Bell, senior vice president and head of BNY SmartSource, Bank of New York’s outsourcing business for fund managers. “Whether an investment manager is long established or requires support for a newly established product line, The Bank of New York can provide the operations and technology necessary to support the investment decision. AXA IM is a well-respected global investment manager, and we are pleased to be able to rapidly deploy a comprehensive solution that meets their needs.”
AXA IM is a multi-specialist asset management company within the AXA Group. It has approximately $323 billion under management and over 2,100 people serving clients in eleven countries. AXA IM Inc. operates in the U.S. with specialist teams in US Investment Grade and High Yield Fixed Income.