JPMorgan Investor Services announced today that is relationship with AXA has expanded to include the custody business of AXA Investment Managers Deutschland GmbH. It gives Morgan control of assets valued at EURO 9 billion in 20 to 24 special funds. The investors include various AXA insurance companies including AXA Lebensversicherung (life insurance), AXA Krankenversicherung (health insurance), and Deutsche rzteversicherung (physicians insurance).
“We are firmly committed to Germany and this high profile appointment is a further endorsement of the strength of our product offering in a market where during 2002 we gained critical ground”, says Ramy Bourgi, Business Executive, JPMorgan Investor Services Europe Middle East and Africa. “We are delighted to be able to extend our relationship with AXA Investment Managers”.
“Cost efficiency and flexible accounting system linkage were the decisive factors for us,” adds Stphane Prunet-Sharma, CEO of AXA Investment Managers Deutschland GmbH in Frankfurt. “Technical aspects dominate the custody
business. Within a narrow time frame JPMorgan developed a state-of-the-art interface for the custody and management of securities and processing of payment transactions which was able to satisfy our needs.”