GERMANY - AXA Investment Managers Deutschland GmbH, has appointed JPMorgan Investor Services as its global custodian.

As a result of the mandate win, JPMorgan will manage custody assets of nine billion euros for the German subsidiary. AXA IM Deutschland manages over 20 special funds, and investors include AXA Lebensversicherung, AXA Krankenversicherung and Deutsche Aerzteversicherung.

The value of the mandate was not disclosed.

Stephane Prunet-Sharma, chief executive officer of AXA IM Deutschland cited “cost-efficiency” and “flexible accounting system linkage” as the reason for JPMorgan’s appointment.

Prunet-Sharma said: “Technical aspects dominate the custody business. Within a narrow time frame JPMorgan developed a state-of-the-art interface for the custody and management of securities and processing of payment transactions which was able to satisfy our needs.”

JPMorgan Investor Services provides AXA IM with custody services on a global basis, and Ramy Bourgo, business executive at JPMorgan, said the firm was “delighted to be able to extend its relationship with AXA IM”.

JPMorgan Investor Services has around six trillion dollars (5.6 trillion euros) in assets under custody worldwide.