AXA Investment Managers has announced that it has appointed State Street Corporation to provide investment servicing for the company’s entire Luxembourg- and Dublin-based fund ranges.
The funds comprise nearly 70 sub-funds and almost 300 share classes, with more than EUR20 billion under management. The funds include AXA Rosenberg’s Equity Alpha range, AXA World Funds and the AXA IM Fixed Income Investment Strategies range.
State Street will provide AXA IM with a full range of offshore investment services including custody and settlement, fund accounting, transfer agency, financial reporting, compliance and domiciliary services. The transfer of assets and related services is scheduled to take place in stages from 31 March to 30 September 2006.
The consolidation of AXA IM and AXA Rosenberg’s two Pan-European fund ranges to one administration service supplier has been conducted in the interest of improving, streamlining and optimising the process, and ultimately will reduce both costs and operational risks while improving the quality of service to clients.
The appointment of State Street to this expanded brief follows its appointment in December 2004 to provide investment operations for $300 billion of AXA IM’s assets under management. These services cover middle office functions including fund accounting, performance measurement services and fund administration.
“This consolidation is a continuation of our stated strategy of focusing on those areas where we have undoubted competitive advantages in order to deliver superior investment solutions to our clients," commented Laurent Clamagirand COO, AXA Investment Managers.
"Our decision to award an expanded brief to State Street is based on its proven expertise and demonstrable track record of service delivery, and a natural choice for us given the success of our investment services outsourcing partnership with them in France, Germany and the UK," he added.
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