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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
State Street has more than $10trn in middle-office assets under
administration as of the end of September.