Capital Group has announced that it plans to launch a fund aimed at European investors. The company will be making one of its global equity strategies from the US simultaneously available to European and Asian investors, pending regulatory approval, later this year.
The new fund, New Perspectives, will be a Luxembourg-domiciled fund (UCITS) and will follow the same unconstrained, global investment approach as in the US. Like the original which launched in 1973, the New Perspectives fund will focus on global blue chips.
Having recognised the continuing evolution of global companies over many decades, the Capital Group New Perspective strategy focuses on blue-chip companies that are well-positioned to take advantage of global secular trends with the potential to develop into leading multinationals. These companies typically have the added experience of working in multiple currencies, regulatory and political regimes and economies.
The new fund will be managed by the same investment team who runs the New Perspective strategy in the US.
Grant Leon, Managing Director, Financial Intermediaries, Europe, said: “US investors have had access to New Perspective Fund for many years and we are excited to bring this strategy to European clients. The launch of the New Perspective strategy will complement our drive to grow our European Financial Intermediary business and epitomises our focus on delivering superior, consistent long-term investment results.”
Stephen Gosztony, Managing Director, Institutional, UK and Ireland, said: “This launch demonstrates our continued focus on making it as simple as possible for our clients in Europe to access the very best of Capital Group’s capabilities. The European institutional market is a core market for Capital Group and we are particularly pleased that investors in the region will be able to benefit from a strategy with such a strong heritage which complements our existing fund range. We believe that the long term aims of the strategy further align our interests with the needs of our clients across the European market.”
Henderson Group Plc published its Interim Results for the six months ended 30 June 2015 on 30 July 2015. By the end of this period, its assets under management had experienced a growth of 10%; ending the first half of this year with GBP 82.1 billion under management.
Its net inflows in these past six months totaled GBP 5.6 billion. This new record on net inflows is attributed to the consistently strong investment performance, as 83% of funds are outperforming relevant metrics over the past three years.
Andrew Formica, Chief Executive of Henderson, said: “We are very pleased to have delivered another six months of record net inflows, built on consistently strong investment performance for our clients which highlights the strength of our active approach”. These new net inflows represent an annualized net new money growth of 14% in the period.
Back in April, Henderson Global Investors announced the sale of its 40% stake in TH Real Estate, to CREF for GBP 80 million, and the transaction was closed in June. Apart from this divestiture, new acquisitions were announced in June, to accelerate the presence of Henderson Global Investors in Australia. Formica added: “During the period, we continued to deliver on our strategy and attracted inflows from an increasingly global client base and product line. The acquisitions of Perennial Fixed Interest, Perennial Growth Management and 90 West will accelerate the growth of our Australian business and firmly establish our presence in this important market.”
In its latest interim business update, Henderson Global Investors, announced an underlying profit before tax from continuing operations of GBP 117.4, which represents a 29% increase compared to last year figure. Its underlying continuing diluted EPS rose to 8.9 p, from 6.8 p last June 2014; and its interim dividend rose from 2.60p per share last year to 3.10p.
Henderson Global Investors also announced a share buyback program to be initiated in the second half of 2015, with shares to the value of GBP 25.0 million to be purchased by year end. Finalizing its press release, Andrew Formica stated “We remain relatively positive on the market outlook, but are conscious that lingering investor caution during the northern hemisphere summer could affect flows across the industry in the third quarter. Nevertheless, Henderson remains well positioned. With strong sales momentum, increased brand recognition, excellent investment performance and disciplined investment in new initiatives.”
Foto cedida. Susan M. Brengle estará al frente de la división de negocio institucional en América del Norte para Eaton Vance
Eaton Vance Management announced that Susan M. Brengle has been promoted to Managing Director, Institutional, reporting to Matthew J. Witkos, President, Eaton Vance Distributors, Inc. Effective immediately, Ms. Brengle will oversee institutional business development, consultant relations and relationship management efforts in the U.S. and Canada for Eaton Vance Management. She will continue to direct institutional relationship management efforts outside the U.S.; Ms. Brengle will also be responsible for overseeing institutional business activities in the U.S. for Hexavest, Inc., an Eaton Vance-affiliated investment manager based in Montreal.
Ms. Brengle joined Eaton Vance in 2006 to lead relationship management across the institutional market for pension plan, insurance, corporate, healthcare, endowment and foundation clients in North America, Asia and Europe. Until 2010, she was also responsible for institutional product management.
Prior to joining Eaton Vance, Ms. Brengle spent 19 years at MFS Investment Management in a number of roles, including international business director, senior relationship manager and equity product specialist. She also served as a member of the institutional management committee. She is a graduate of the University of Vermont with a B.A. in economics.
“Sue’s proven knowledge of our clients’ needs and Eaton Vance’s investment capabilities has enabled her to build a world-class client service effort and institutional platform at Eaton Vance,” said Mr. Witkos. “She knows the marketplace, understands client and consultant priorities, and is committed to further developing our ability to anticipate and respond as the markets evolve.”
Eaton Vance has expanded its institutional capabilities in recent years by strengthening the consultant relations function and further building out its product offerings, including the recent addition of multi-sector bond and emerging market debt capabilities.
Photo: Adriano Makoto Suzuki. Will Brazil's Sovereign Debt Lose Investment Grade Rating?
Standard & Poor’s said it may cut Brazil’s credit rating to junk, citing the country’s political and economic challenges amid an ongoing corruption probe. The ratings company revised the outlook on Brazil’s rating to negative from stable. The country’s rating from S&P is already at BBB-, the lowest investment grade.
The ratings move adds to challenges for President Dilma Rousseff and her economic team led by Finance Minister Joaquim Levy as they duel with Congress to shore up fiscal accounts at the same time the country slips into recession. Expanding corruption investigations of politicians and companies jeopardize the government’s efforts to adopt policies that could help Brazil preserve its investment-grade rating, S&P said.
S&P believes there is a “greater than one-in-three likelihood that the policy correction will face further slippage given fluid political dynamics and that the return to a firmer growth trajectory will take longer than expected,” according to their statement.
The portfolio management team of the Aberdeen Global Brazil Bond commented that Brazilian sovereigns were looking on the cheap side since Standard &Poor’s made its announcement. “We note that Brazil is now trading flat to the likes of Serbia & Croatia, two countries with higher Debt/GDP, a lack of willingness to commit to fiscal consolidation and poor growth prospects, which makes their debt dynamics even worse than Brazil’s”
Edwin Gutierrez, lead portfolio manager of the Aberdeen’s fixed income strategy in Brazil, commented that they do not believe that the downgrade from investment grade will happen this year. They believe that all three ratings agencies will have Brazil´s sovereign debt at the equivalent of BBB- and negative outlook by year end. However, they foresee a fairly highly risk of a downgrade from one or more of the agencies in 2016.
Gutierrez added that by the time the downgrade to junk bond happens, the event will be fully priced in, so the impact will be fairly minimal. “Brazilian Credit Default Swaps have actually tightened in, which reflects Aberdeen´s perception that Brazil sovereign debt is already trading at BB levels”.
Standard & Poor’s now expects the contraction in real GDP to be deeper and longer. Their projections are for a 2% contraction this year followed by no growth in 2016, before returning to modest growth in 2017. Brazil’s growth prospects are believed to be below that of its peers.
For Franklin Templeton Fixed Income’s team, it became clear that some action from Standard & Poor’s would be taken, once the government announced that the target for the fiscal primary surplus was being lowered for the next three years. The fact that the change in the outlook happened sooner than expected, has bought Brazil some time in order to try to avoid the downgrade to junk bond.
Although Brazilian CDS are already pricing Brazilian sovereign debt below investment grade rating, Franklin Templeton believes that Brazil is very far from a systemic crisis, which makes some Brazilian assets very attractive at the moment, such as nominal or real rates local currency denominated government bonds.
Franklin Templeton believes that a downgrade before year end is not likely. “The agency stressed that further deterioration in the political environment could jeopardize the approval of the needed measures to keep the fiscal adjustment on track. The sharp depreciation of the Brazilian real, together with the fear of higher inflation and economic chaos will probably trigger politicians well known sense of survival”.
Brazilian Financial Services companies
Standard & Poor’s Ratings Services revised the global scale outlook on eleven Brazilian financial services companies (Banco Bradesco S.A., Itau Unibanco Holding S.A., Itau Unibanco S.A., Banco Citibank S.A., Banco do Brasil S.A, Banco do Estado do Rio Grande do Sul S.A., Banco Santander Brasil S.A., Banco do Nordeste do Brasil S.A., BM&FBOVESPA S.A-Bolsa de Valores, Mercadorias e Futuros, Banco Nacional de Desenvolvimento Economico e Social, and Caixa Economica Federal) to negative from stable following the same rating action on the Federative Republic of Brazil.
At the same time, the national scale outlooks on fourteen entities was revised to negative from stable (Banco Volkswagen S.A., Banco Bradesco S.A., Bradesco Capitalizacao S.A., Itau Unibanco Holding S.A, Itau Unibanco S.A., Banco BNP Paribas Brasil S.A., Banco Citibank S.A., Banco de Tokyo-Mitsubishi UFJ Brasil S.A., Ativos S.A. Securitizadora de Creditos Financeiros, Banco do Estado do Rio Grande do Sul S.A., Banco Morgan Stanley S.A., Banco Santander Brasil S.A., Banco Toyota do Brasil S.A., and Banco do Nordeste do Brasil S.A.). Standard & Poor’s also affirmed the long-term and short-term ratings for all the entities.
The agency rarely rate financial services companies above the sovereign long-term rating because, during sovereign stress, the sovereign’s regulatory and supervisory powers may restrict a bank’s or financial system’s flexibility, and because banks are affected by many of the same economic factors that cause sovereign stress.
Fitch and Moody’sare maintaining their Brazil’s sovereing debt rating at BBB and Baa2 respectively, two notches above the speculative debt level. Back in April, Fitch also revised Brazil’s sovereign debt outlook, due to the poor performance of the economy, the growing macroeconomic imbalances, the fiscal budget deterioration, and the increase in government debt.
Aurora Garza - Foto cedida. Bancomer Transfer Services nombra CEO a Aurora Garza Hagan
Bancomer Transfer Services, the global money transfer services unit that is a part of BBVA‘s U.S. operations, announced this week that Aurora Garza Hagan has been named its new chief executive officer.
Garza Hagan rose up through the ranks at BTS, which currently handles $10 billion out of the $60 billion in funds sent each year to Latin America, the largest remittances corridor in the world. She started in 2001 as a senior accounting analyst and has held various leadership positions, most recently as chief financial officer overseeing all aspects of finance, accounting, treasury management, legal and risk. Before joining BTS, Garza Hagan held senior auditor positions at Ernst & Young and Continental Airlines.
“Aurora brings years of experience to this position,” said BBVA U.S. Country Manager and BBVA Compass Chairman and CEO Manolo Sanchez, who oversees all of BBVA’s U.S. operations, including BTS. “She has a broad view of how to drive our organization, and an excellent command of the level of risk and control required to run this type of business.”
Garza Hagan is taking over as CEO following the departure of Moises Jaimes. She will report to new BTS Chairman Gabriel Palafox. Her appointment is effective immediately and she will be based in Houston.
A graduate of The University of Texas at Austin, Garza Hagan earned a bachelor’s degree in business administration and is also a certified public accountant in the state of Texas
Foto: Ines Hegedus-Garcia
. El antiguo Espírito Santo Bank se llamará Brickell Bank
G. Frederick Reinhardt, Chairman and CEO, introduces Brickell Bank, formerly Espírito Santo Bank. “We are excited to be rebranding following the Stock Purchase Agreement recently signed between the bank’s principal shareholder, and members of the Benacerraf family, Cohen family, and other investors,” says Reinhardt.
“We chose Brickell Bank as our new name as it represents the vital and exciting history of Miami and the location where development first took place, where homes, offices and towers rose from raw land to become the banking center of this multi-cultural city,” says Reinhardt. “Miami is recognized as the most important financial center for Latin America and is growing in importance for investors from Europe and Asia. We are proud to bear the mantel of such a prestigious and established moniker,” continued Reinhardt.
“The Share Purchase agreement, while still subject to regulatory approval, brings an extraordinary level of expertise from well-established banking families to Brickell Bank and is a superb catalyst for our growth and continuing dedication to serve our clients,” says Reinhardt.
Brickell Bank will continue to expand its core strategy of providing wealth management, personal and corporate banking services, residential and commercial real estate lending and trade finance services to domestic and international individuals, institutions and corporations.
The existing management team has led the Share Purchase negotiations and the rebranding efforts, and will continue in place.
Brickell Bank will continue to offer Wealth Management services to its Private Banking clients through its broker/dealer, Brickell Global Markets, and investment advisory services through Brickell Global Advisory, a Florida registered investment advisor. (These subsidiaries were formerly known as E.S. Financial Services, Inc. and Espírito Santo Investment Advisors, Inc., respectively).
The transition is taking place now in the offices, the branch and online to reflect the new names, logos, icon and navy and white coloration. According to Mr. Reinhardt, “the vibrant new look reflects a new beginning, but more importantly reaffirms our commitment as a customer-centric institution providing an unparalleled, enhanced and comprehensive range of products, exemplary service and expertise.”
Brickell Bank, Florida-chartered since 1973, will maintain its headquarters and branch both located at 1395 Brickell Avenue, Miami, FL 33131. Service to clients will continue uninterrupted during the transition period.
BlackRock celebró su primer ETF Investment Seminar en Miami el pasado día 16 de julio . BlackRock celebra en Miami su primer Seminario de Inversión sobre ETFs
In today’s investment landscape, portfolio construction is evolving, and with it, the combination of passive and active vehicles. ETFs are amongst the fastest growing instruments within the asset management industry and are becoming a crucial part of investors’ portfolios.
To further educate clients on trends, uses and implementation of ETFs in conjunction with active funds within portfolios, BlackRock hosted its first ever ETF Investment Seminar with 50 financial advisors in attendance on July 16th, 2015.
The event featured three sessions covering: Building portfolios with active and passive tools, Trends in the use of ETFs in the wealth management segment, concluding with a special session on Offshore ETFs (domiciled outside the United States).
“The trend in recent years is the migration towards portfolios which blend active and passive management tools,” said Joshua Rogers in his presentation. Rogers, VP, is a Product Consultant within the US iShares Product Group. He provided some interesting data: in the period running from 2011-2014, the United States has produced net outflows of US $370 billion from traditional active management products (especially US equity funds). However, outcome oriented actively managed funds have enjoyed net inflows of US $750 billion (these include alternative funds, income funds, flexible fixed income, sectoral, and multi asset funds), showing that the investor who pays for an active management product, really wants active management. In addition, net inflows in index strategies (index funds and ETFs) during the same period are still much higher, reaching US $1.17 trillion, with a clear acceleration of this trend during 2014.
Thus, investors favor passive management products for exposure to the core portion of their portfolios (e.g. US equities), as well as for implementing asset allocation decisions reached internally, or for tactical short-term investments. However, for strategies aimed at obtaining outcome, illiquid strategies such as alternatives, or in case of wishing to outsource investment decisions within an asset class, as in the case of fixed income, investors continue investing in active strategies. In any case, the trend is clear: increasingly blending both products.
Other relevant details presented by Rogers referred to the need for maintaining even the best active management strategies in the portfolio for long periods to obtain their best results. According to a study by DiMeo Schneider & Associates, in a 10 year period, 90% of funds in the top quartile of their Morningstar category had at least a period of three years in which they did worse than their peers; 63% experienced at least a five-year period of relatively worse performance. In fact, the average holding period for an active fund among US investors is 3-4 years, given they are not being as “patient”, it would be better for them to be “passive”.
On the second session, Ivan Pascual, Managing Director and Head of Wealth Sales for Latam and Iberia at BlackRock (active management products and ETFs), stressed that financial advisors are becoming more akin to the use of ETFs in client portfolios. 65% of financial advisors in the United States already use them, and more than half expect to increase their exposure to these products next year. Moreover, according to a Greenwich Associates survey, 49% of institutional investors surveyed in 2014 maintain ETFs for periods of more than two years, a percentage that is rising compared to previous years. “The inflows come mainly from replacing baskets of stocks and bonds for ETFs, and not so much from substituting actively managed funds for ETFs,” says Pascual.
Financial advisors use ETFs to meet three needs. The most obvious is cost saving. ETFs are a low-cost product for those investors who do not need advice. In this case, income for the broker comes from brokerage commissions. However, the industry is evolving towards a more fee-based model for advice or discretionary management, and less commission-based. Secondly, for the advisory business, ETFs represent a tool to create the core component of the clients’ portfolio, especially in fee-based business models. Lastly, in discretionary management solutions, ETFs are increasingly being used to build the firm’s centralized asset allocation view into the clients’ portfolio, efficiently, and at a lower cost. “We are seeing a ‘Revolution’ rather than an ‘Evolution’ toward ETFs in the wealth management business,” said Pascual. “Also, the importance of the adoption of technology by the end client to obtain financial information should not be overlooked. 45% of customers already use the internet for this purpose and the percentage is growing*. The words most used in search engines for this field are ‘investment, cost, liquidity’, terms which clearly point to ETFs in building portfolios” he says.
Finally, Justin Wheeler, VP, iShares UCITS ETFs Specialist, provided insight into the offshore ETF market, “primarily, those domiciled in European countries. While Ireland and Luxembourg account for almost 2/3rds of European ETF assets, these products are listed on various European stock exchanges such as London, Frankfurt, or Paris”. Offshore ETFs are used not only by European clients, but also for Latin American and Asian investors who increasingly understand the value of these products over their peers listed in the United States. With more than 40 ETF providers in Europe offering over 2,000 products there is extensive choice for investors. According to BlackRock’s monthly ETP Landscape Report, as of April, European ETFs have 500 billion dollars in AUM, and iShares leads this market with a 46% share and 270 different ETFs. The advantages of offshore ETFs for Latin American clients relates mainly to the lack of withholding tax (WHT) applied to ETF distributions, allowing investors to retain more of their returns. “However, investors should be mindful of additional factors, such as the liquidity and execution costs of offshore ETFs, the holding period of the investment, and the distribution yield as these factors impact the extent of the benefits,” adds Wheeler.
Gregory Filippone, BlackRock Offshore Wealth Investment Management Consultant, provided context to the sessions and introduced the BlackRock speakers. Isabel Vento, BlackRock Offshore Wealth Investment Management Consultant, and Eduardo Mora, Director Responsible for the LatAm Offshore Wealth Business, both based in Miami, opened and closed the event respectively.
*Source: BlackRock Global Strategy Heatmap, Survey of Consumer Finance, Towers Watson; 2014.
CC-BY-SA-2.0, FlickrFoto: Nicolo caranti, Flickr, Creative Commons. ESMA pone bajo consulta las guías de remuneración que traerá UCITS V, basadas en AIMFD
The European Securities and Markets Authority (ESMA) has launched a consultation on proposed Guidelines on sound remuneration policies under the UCITS V Directive and AIFMD. The Directive includes rules that UCITS must comply with when establishing and applying a remuneration policy for certain staff categories and the proposed UCITS Remuneration Guidelines further clarify the Directive’s provisions.
The proposed Guidelines aim to ensure a convergent application of the remuneration provisions and will provide guidance on issues such as proportionality, governance of remuneration, requirements on risk alignment and disclosure. The final Guidelines will apply to UCITS management companies and national competent authorities.
Steven Maijoor, ESMA Chair, said: “The consistent, common and uniform application of the UCITS Directive’s remuneration provisions will contribute to convergent supervisory approaches leading to a level-playing field in the fund sector and result in increased investor protection across the EU.These guidelines will encourage the implementation of sound and prudent remuneration policies and organisational requirements for UCITS, which will help in avoiding potential conflicts of interest and promote prudent risk-taking by fund managers.”
Proposals
The draft Guidelines are based on those already issued on remuneration under the AIFMD, with certain differences that take into account those differences between the two Directives, as the UCITS V remuneration principles broadly reflect those under the AIFMD. In developing these guidelines, ESMA co-operated with the European Banking Authority with the objective of aligning guidance on remuneration policies across financial sectors.
The key elements of the guidelines include:
-Management companies as part of a group – the guidelines clarify that in a group context, non-UCITS sectoral prudential supervisors of group entities may deem certain staff of the UCITS management company which is part of that group to be identified staff for the purpose of their sectoral remuneration rules;
-Definition of performance fees – sets out a common definition of performance fees based on the IOSCO Final report on elements of international regulatory standards on fees and expenses of investment funds;
-Application of different sectoral rules – includes proposals on how different rules, such as those set out in the AIFMD and in the CRD IV, should apply where employees or other categories of personnel perform services subject to different sectoral remuneration principles;
-Application of the rules to delegates – sets out proposals to prevent management companies circumventing the remuneration rules through the delegation of activities to external service providers; and
-Payment in instruments – provides guidance on how to comply with the rules on the payment of variable remuneration in instruments under the UCITS Directive.
In addition the Consultation Paper also examines the issue of proportionality in the application of the UCITS remuneration policies including the possibility to disapply certain of the provisions in exceptional circumstances, in line with the AIFMD approach.
AIFMD Remuneration Guidelines Revision
The Consultation Paper also proposes a revision of the AIFMD Remuneration Guidelines by clarifying that in a group context, non-AIFM sectoral prudential supervisors of group entities may deem certain staff of an AIFM in that group to be identified staff for the purpose of their sectoral remuneration rules.
Next Steps
ESMA will consider the feedback received to the consultation and will aim to finalise and publish the UCITS Remuneration Guidelines and a final report by Q1 2016 ahead of the transposition deadline for UCITS V Directive (18 March 2016). The final report is expected to also include the revision of the AIFMD Remuneration Guidelines as proposed in the consultation paper.
Photo: Jimmy Baikovicius. Picton to Act as Distribution Intermediary for Barings in the Chilean Pension Funds Industry
Baring Asset Management (Barings), the international investment management firm, and Picton announced that they have entered into a distribution agreement, effective June 2015. Picton will promote Barings to position the firm’s investment products and services within the pension funds industry in Chile.
Angus Woolhouse, global head of distribution at Barings said: “We are excited to work with Picton to promote our global investment capabilities in the Chilean pension fundsindustry. Barings manages money for some of the world’s largest global pension plans, and working with pension plans in Chile is a natural extension of our business.”
“Picton is proud to partner with Barings, a firm with a long and successful history in the global asset management industry,” said Matias Eguiguren, founding partner, Picton.”We look forward to a strong relationship driven by Barings’ investment capabilities and our broad and deep knowledge of the pension funds industry in Chile.”
Picton will provide due diligence, product information and analysis to pension funds and serve as a liaison point between them and Barings’ sales team. Barings has a strong track record of doing business in Latin America stretching back to the 19th century and has US$39.7 billion in assets under management as at 30 June 2015.
Foto: Emilio Jose Mariel, Flickr, Creative Commons.. La industria de fondos, ¿qué tendencia prevalecerá en el futuro?
AXA Investment Managers has announced the launch of the AXA World Funds Euro Credit Total Return (the Fund). This is the latest addition to AXA IM’s euro credit range, which now has a total AuM of €8.6 billion of assets.
The fund manager aims to deliver a risk-adjusted return superior to market segmented performance over the credit cycle. The fund offers investors an unconstrained approach to the European credit market, with the ability to deviate substantially from what is considered the market benchmark in terms of portfolio composition. The portfolio’s construction is based on diversified allocation across three risk buckets, including defensive, carry and value, which have been defined by their intrinsic fundamental and market drivers. The fund has ample flexibility to modulate its risk profile across the credit cycle to optimise returns.
Ismael Lecanu, Senior Portfolio Managerof the AXA WF Euro Credit Total Return commented: “With strong structural support provided by the European Central Bank, we are constructive on the outlook for the European recovery and believe that there are ample investment opportunities thanks to disintermediation, innovation and regulation. These opportunities call for a flexible approach as they shift the market behaviour.The Euro Credit Total Return fund builds on the success of our AWF Euro Credit Plus flagship fund and its superior risk-return across the challenging banking and periphery crisis. It offers an unconstrained approach, which we believe suits the current market environment and aims to maximise returns. The strategy enables our clients to benefit from a more concentrated approach that truly reflects our high convictions.”
Supporting Ismael Lecanu is a dedicated team of five euro credit specialists averaging 13 years’ experience. The team has in-depth knowledge of the European credit market and strong relationships with key issuers.
Anne Velot, Head of Euro Credit at AXA IM, added: “The eurozone credit market is becoming increasingly diverse. Despite political uncertainties in the region, we believe that the market remains attractive as European companies have maintained a disciplined management of balance sheets and cash flows since the crisis. We are seeing significant demand from clients for a non-benchmarked approach aimed at maximising total returns through income and growth.The AXA WF Euro Credit Total Returnresponds to this demand, following a disciplined, fundamentally-driven investment process, backed by our long-term proven capability in credit selection and macro positioning.”
AXA WF Euro Credit Total Returnis a Luxembourg-domiciled SICAV. The fund has both retail and institutional share classes and is currently registered in the following countries: Austria, Belgium, Denmark, France, Germany, Italy (institutional only), Luxembourg, The Netherlands, Spain, Sweden and the UK.
AXA IM is a market leader in euro credit fixed income strategies, where the investment team carries out active tactical allocation across the full spectrum of euro corporate credit, both investment grade and high yield. The team’s access to markets is supported by AXA IM’s critical size and globally-recognised credit expertise. AXA IM has €460 billion in fixed income assets managed globally, of which €360 billion in credit.
