AXA IM Outsources Pan-European Investment Operations to State Street
AXA Investment Managers (AXA IM) appointed State Street to provide a broad range of investment operations services for more than 300 billion euros of AXA assets under management, the firm announced on Wednesday.
The operational services that State Street will provide include fund administration, fund accounting and investment operations support. In addition, WM Performance Services, State Street's performance attribution evaluation business, will also provide performance measurement services.
AXA IM and State Street had announced back in March that they had entered into exclusive discussions concerning the transfer of AXA IM's fund administration and investment operations support in France, Germany and the United Kingdom to State Street.
As a result of the outsourcing deal, more than 200 AXA IM employees have joined State Street in Europe. The mandate from AXA is the fourth major investment operations outsourcing appointment for State Street in Europe and the first one to a third-party service provider in France and Germany, State Street contends in the release.
According to an AXA IM executive quoted in the release, State Street won the mandate based on its expertise in securing large and complex investment operations mandates and its track record of service delivery. The official also noted that State Street's ability to meet all of the investment firm's pan-European needs was a differentiator.