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AXA rehires State Street for outsourcing
11 December 2013
Extends mandate for another five years
State Street Corporation has extended its outsourcing mandate with AXA Investment Managers.
The asset manager first appointed State Street in 2004 to provide middle office services including transaction management, investment books and fund accounting, collateral management, performance measurement and reporting, across three countries for €300bn ($414bn) in assets.
The mandate has since been broadened to cover around €500bn of AXA’s assets in 10 different locations across Asia Pacific, Europe and the US. The renewed mandate will last for five years.
Raphael Remond, head of State Street in France said: “Asset managers face a challenging environment and are looking for growth through innovation. To support this they need flexible and agile infrastructures that enable them to quickly launch the new products and solutions that their investors require, increasingly on a global scale.
"These pressures are driving a new, closer relationship between asset managers and their servicing partners, and opening up a new frontier of outsourcing based on wide-ranging, innovative solutions.”
State Street has more than $10trn in middle-office assets under administration as of the end of September.