11/18/03
NEW YORK, N.Y., November 18, 2003 -The Bank of New York, a leading provider of integrated outsourcing solutions to financial institutions worldwide, announced today that it has been selected by AXA Investment Managers Inc. (AXA IM) to provide a full spectrum of outsourcing services and tools for its U.S. Investment Grade Team catering to institutional investors. AXA IM is part of the global AXA Group, which currently manages over $865 billion in assets globally.
The Bank of New York will assume responsibility for operational functions, including trade support, data management, portfolio accounting, reconciliation and performance measurement. In addition, the Bank will render end-client statements and deliver a variety of portfolio information to AXA IM via a customized Internet toolset. The infrastructure facilitates full straight-through processing from instruction capture to portfolio accounting and reporting.
Robert A. Kyprianou, director of AXA Investment Managers, said, "We selected The Bank of New York as our outsourcing partner because they were very responsive and offered us a creative solution to meet our growing business needs. We feel that The Bank of New York is able to provide the high quality operational platform necessary to support our new U.S. investment-grade investment management business. With this arrangement, we are able to focus on investment decisions, confident that the Bank will manage our infrastructure needs on an ongoing basis."
Andrew J. Bell, senior vice president and head of BNY SmartSourceSM, the Bank’s outsourcing business for global investors, said, "Momentum continues to build in the investment operations outsourcing arena. Whether an investment manager is long established or requires support for a newly established product line, The Bank of New York can provide the operations and technology necessary to support the investment decision. AXA IM is a well-respected global investment manager, and we are pleased to be able to rapidly deploy a comprehensive solution that meets their needs."
AXA IM is a multi-specialist asset management company within the AXA Group, a world leader in financial protection and wealth management. As stated by the company as of August 31, 2003, AXA IM is one of the largest European-based asset managers with approximately $323 billion under management and over 2,100 people serving clients from eleven countries. AXA IM Inc. operates in the U.S. with specialist teams in U.S. Investment Grade and High Yield Fixed Income.
The Bank of New York provides outsourcing solutions through BNY SmartSourceSM, working in a consultative capacity to help investment managers evaluate their outsourcing options, maximize efficiency and mitigate risk whether they manage assets on behalf of institutions, private clients, managed accounts or collective investment vehicles. As an extension of an investor’s front office, BNY SmartSourceSM also provides the operational processes, industry expertise and scalable technology necessary to support global investment decisions. The BNY SmartSourceSM team is staffed in the U.S. and Europe with 500 highly experienced professionals. Additional information on BNY SmartSourceSM is available at www.bnysmartsource.com.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in securities servicing for issuers, investors and financial intermediaries. The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global corporations, financial institutions, asset managers, governments, non-profit organizations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com.
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