AXA to outsource E200bn to State Street
EUROPE – AXA Investment Managers is in talks to outsource a total of 200 billion euros in assets to State Street.
AXA and State Street said in a statement that they were in “exclusive discussions regarding the transfer of fund administration and investment operations support in the UK, France and Germany to State Street”.
“The selection of State Street was made after a detailed and rigorous assessment process, which was designed to ensure that the potential solution would result in improved services and consistent data, systems and processes across all of the AXA IM investment centres,” AXA said. It declined to name other shortlisted candidates.
“One of the key criteria was how State Street would build upon and leverage the extensive knowledge and expertise of the AXA IM teams.”
"In 2002 we decided to focus on those areas where we have undoubted competitive advantages in order to deliver superior investment solutions to our clients,” said AXA IM chief executive Nicolas Moreau. He said the transfer would be a “consistent strategic step”.
A State Street spokeswoman said the assets would be serviced locally. Earlier this year the Boston-based bank won a 29 billion-pound (42 billion-euro) outsourcing deal from Abbey National.