Axa Investment Managers is to streamline the custody service provided for its UK retail funds.
HSBC, which acts as depositary for the funds, is to become sole global custodian and depositary for the range from September.
Previously, Natwest and JP Morgan also provided services.
The mandate covers 36 funds in Axa IM’s UK Ucits funds range that has assets under administration of £12.6 billion (€14.6 billion). Active equity funds managed by Axa IM Framlington Equities and quant equity funds managed by Axa IM Rosenberg Equities are included.
State Street continues to act as fund administrator.
Godefroy de Colombe, Axa IM’s global chief operating officer, said: “As part of our simplification efforts and to improve efficiency, we have appointed HSBC to provide consolidated custody and depositary services. We are confident this broader relationship will help our UK UCITS funds benefit from synergies over the long run, and ultimately benefit the end client.”
Sebastien Danloy, global head of investor services, markets and securities services at HSBC, said HSBC had a long-standing relationship with the asset manager.
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