AXA IM extends outsourcing partnership with State Street
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AXA IM extends outsourcing partnership with State Street 12 December 2013London Reporter: Daniel Jackson
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AXA Investment Managers has extended its investment operations outsourcing mandate with State Street for an additional five years.
The firms have been partnered since 2004, when State Street was appointed to provide middle-office services, including transaction management, investment books and fund accounting, collateral management, performance measurement and reporting, across three countries for €300 billion in assets.
Since 2004, State Street and AXA IM have broadened their relationship and State Street now services more than 1200 AXA IM funds and mandates with approximately €500 billion in assets.
The relationship has also expanded globally and now includes servicing in 10 different locations across Asia, Europe and the US.
Christophe Coquema, chief operating officer of AXA IM, said: “At AXA IM we constantly strive to ensure that excellent service and a focus on the needs of our clients remains at the forefront of everything we do. This contract extension is a reaffirmation of our confidence in State Street’s ability to support our growth plans worldwide, and recognition of the quality service they deliver to us and to our clients”.
Raphael Remond, head of State Street in France, said: “Asset managers face a challenging environment and are looking for growth through innovation. To support this they need flexible and agile infrastructures that enable them to quickly launch the new products and solutions that their investors require, increasingly on a global scale.”
“These pressures are driving a new, closer relationship between asset managers and their servicing partners, and opening up a new frontier of outsourcing based on wide-ranging, innovative solutions.”
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