AXA Investment Managers says it has completed its previously announced E300bn outsourcing of its investment operations, with an initial 217 staff transferring to State Street.
The deal - announced in March - covers middle office, fund accounting, performance measurement, fund administration and investment support.
“It entails the transfer of more than 300 AXA IM employees and more than 1,500 portfolios to State Street, representing e300bn,” the companies said in a joint release. Financial terms were not disclosed.
Some 200 employees in France and 16 in Germany joined State Street on 1 December. The transfer of UK operations is set for the end of the first quarter. AXA says the deal will let it focus on its core asset management business.
“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,” says AXA IM chief executive Nicolas Moreau.
“As we continue to grow our business, we are confident that State Street will be a key partner to assist in our servicing requirements.”
“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,” says Jay Hooley, executive vice president of State Street Corp.