Benefiting from credit

Axa Investment Managers and Dutch bank ABN Amro have launched an innovative retail structured product linked to the performance of credit default swaps. John Ferry examines the offering

Patrimoine Obligation Croissance (POC) is a principal-protected eight-year credit derivatives fund targeted at private investors in France and Monaco. Axa Investment Managers will manage the credit default swaps (CDS) portfolio on a day-to-day basis, while ABN Amro structures the product and guarantees the principal using a form of constant proportion portfolio insurance (CPPI) designed to be applied to credit derivatives. The total-return product is designed to provide solid performance when

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