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AXA IM completes investment operations outsourcing to State Street

08 December 2004  |  1805 views  |  0 Source: AXA Investment Managers

This transfer of activities takes place in the context of AXA Investment Managers' (AXA IM) ongoing effort to improve its processes in order to provide its customers with the highest level of service, in asset management as well as in financial reporting.

This partnership with State Street covers the middle office functions, fund accounting, performance measurement services, fund administration and investment operation support. It entails the transfer of more than 300 AXA IM employees and more than 1500 portfolios to State Street, representing 300 billion euros.

The partnership with State Street (NYSE: STT), the world's leading provider of investment services to institutional investors, is a strategic agreement enabling AXA IM to focus on its core business (asset management and the development of investment solutions for its institutional clients and distributors), while benefiting from the technology provided by a world leader in middle and back office services. In the future, it will also enable AXA IM to take advantage of product improvements, based on automated systems and a unique data management processing platform. WM Performance Services, a State Street company specialising in performance measurement services, will also provide its services to AXA IM.

On December 1st, 201 employees in France and 16 in Germany joined State Street. The transfer of operations in the UK is scheduled to be completed by the end of the first quarter of 2005. With their knowledge of AXA IM's operations, these employees will augment State Street's expertise while continuing to service their current customers.

"The choice of State Street was based upon its proven expertise of securing large and complex investment operations mandates and a demonstrable track record of service delivery. As we continue to grow our business, we are confident that State Street will be a key partner to assist in our servicing requirements," said Nicolas Moreau, chief executive officer of AXA IM.

"This landmark mandate from AXA IM, the fourth major investment operations outsourcing appointment for State Street in Europe and the first ever mandate to a third-party service provider in France and Germany, demonstrates our ability to secure complex and multi-jurisdictional servicing business," said Jay Hooley, executive vice president of State Street Corporation. "Key factors in our success are our ability to deliver a seamless and integrated global platform for our clients as well as our expertise and local presence in Europe. We are delighted to forge this agreement with AXA IM as we help them continue to expand their business globally."

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