Deutsche Bank and Axa set up derivatives firm

Deutsche Bank and Axa Investment Managers are setting up NewLands Financial, a Bermuda-based company that will start offering credit derivatives products in February.

Deutsche Bank has invested $125 million in the company and will hold a controlling stake. Axa IM is due to invest a smaller unspecified amount in return for a minority shareholding.

According to Deutsche Bank, the company will sell corporate risk credit protection using highly rated collateralised debt obligations. "The ratings of

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