Wait and CDO

Axa Investment Managers is well known for breaking new ground in structured credit. At the same time, it refuses to rush headlong into new markets. Mark Pengelly explains why


The development of Paris-based Axa Investment Managers (Axa IM) traces the evolution of the structured credit market itself. The firm purchased its first asset-backed securities (ABSs) and its first collateralised debt obligation (CDO) tranche in 1995, commenced trading credit derivatives in 1997 and began investing in infrastructure loans in 1998.

"We were born with the structured credit market," says the firm's head of structured finance, Pierre-Emmanuel Juillard. As the credit market has

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