Sometime this month, Axa Investment Managers is expected to announce its choice of an outsourcing partner for parts of its business in Europe. Its decision will be informed by a high degree of experience, as Axa already has outsourcing arrangements with Bank of New York (BNY) in the US and State Street in Australia.

These two are reportedly in the running for this latest contract, as is BNP Paribas, which is said to be moving up strongly on the rails in the final furlong. JP Morgan, a well-entrenched provider of custody and administration to Axa in Europe, is thought to have excluded itself from the race because of UK contracts with Isis, Morley and Schroders that it has as works-in-progress.