Institutional outsourcing: Investec turns to State Street; AXA looks to Bank of New York

Institutional outsourcing: Investec turns to State Street; AXA looks to Bank of New York

Investec Asset Management has entered exclusive negotiations with State Street regarding the outsourcing of its institutional administration back office.

Investec says the deal will enable the firm to focus on its core business of managing clients' assets, whilst also taking advantage of the growing trend in the fund management industry to outsource administrative functions.

Seperately, AXA Investment Managers has selected The Bank of New York to provide a full spectrum of outsourcing services and tools for its new US Investment Grade Team. Under the agreement, 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 render end-client statements and deliver a variety of portfolio information to AXA IM via a customised Internet toolset offering straight-through processing from instruction capture to portfolio accounting and reporting.

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