Axa Investment Managers (AXA IM) has entered into exclusive discussions to outsource its fund administration and investment operations support in the UK, France and Germany to State Street.
AXA IM says the selection of State Street was made after a detailed and rigorous assessment process and will result in improved services and consistent data, systems and processes across all of the its investment centres.
Nicolas Moreau, CEO of AXA IM says the proposed transfer of key operations functions to State Street "would provide AXA IM with a sustainable competitive edge in these important support functions leading to improved services for our clients".
The news will be a blow to Bank of New York, which won the mandate to provide a full spectrum of outsourcing services and tools for AXA IM's US Investment Grade Team in November last year.