AXA IM fund launchNews Release, London, 22 March 2010
AXA IM plans launch of AXA US Short Duration High Yield Fund in the UK* |
|
AXA Investment Managers (AXA IM) today announced that, subject to FSA approval, it plans to launch a new sub-fund in the AXA Fixed Interest Investment ICVC. The AXA US Short Duration High Yield Fund will be managed by Anne Yobage, Senior Portfolio Manager who manages the US$4.1bn** offshore version of the Fund, as part of the assets managed by the highly successful US Fixed Income Team, based in Greenwich, Connecticut.
Rob Bailey Head of UK Sales, AXA Investment Managers said, "With interest rates still at historic lows, the inevitability of interest rate rises is not to be underestimated for fixed income investors. To counter the threat posed by rising interest rates, investing in short duration fixed income securities that have a reduced level of sensitivity to interest rates is a compelling proposition."
The 18 strong Team, led by Hannah Strasser, Head of US Fixed Income, manages over US$38.8bn (as at end February 2010). Investing in the largest high yield market in the world, AXA IM FIIS US Short Duration High Yield Fund***, an FCP available for European investors, is managed by Anne Yobage. The FCP, which launched in April 2004, has returned 14.77%+ over 3 years and 27.34%+ over 5 years.
Rob Bailey, concluded, "We have seen substantial interest and demand from our clients for our existing offshore fund, (AXA IM FIIS US Short Duration High Yield Fund). As results from our survey of intermediaries in Q4 2009 showed, there is an increased appetite for fixed income products. Investors should therefore be looking at how they can diversify their exposure in Fixed Income. The AXA US Short Duration High Yield Fund will offer UK investors a good level of diversification in their portfolios and a potential for a strong level of income."
Upon approval, AXA IM aims to launch the fund with an offer period in May, targeting Financial Institutions and large Intermediaries. The Fund will aim to deliver a high level of income by investing generally in sub-investment grade corporate debt securities issued by companies with their predominant place of business in the US, with a bias towards shorter maturities. More fund specific details will be announced in due course.
*Subject to FSA approval ** Source, AXA Investment Managers, as at 15 March 2010 *** Short Duration High Yield is unique in that it invests in high yield securities with an expected maturity of three years or less and is therefore a non-benchmarked product. + All performance figures: Source Lipper Hindsight, cumulative total return, net of fees, gross of tax as at 26.02.10 in USD |
|
|
|
Anne Yobage Anne joined AXA Investment Managers in 2001 as a senior portfolio manager in the High Yield team for AXA Investment Managers Inc. Anne has 23 years of high yield experience. Prior to this, Anne was co-head of the High Yield Group at Cardinal Capital Management L.L.C. for six years after having occupied a similar position at Deltec Asset Management between 1990 and 1995. Anne started her career as Research Analyst for the High Yield group at Kidder Peabody & Co. (US) in 1987. Anne obtained a BA in History from Swarthmore College in 1987 and is a CFA Charterholder.
AXA Fixed Income The US Fixed Income team, of corporate credit specialists, strategists and traders manages over USD 38.8 billion in US fixed income assets as of end February 2010. The senior members of the team have worked together since 1992. The team has a proven and highly successful bottom-up approach to managing fixed income portfolios that has been thoroughly tested in a wide array of market environments.
AXA Fixed Income is an expertise of AXA Investment Managers Limited. AXA Investment Managers is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers, with 500 billion Euros in assets under management as at the end of December 2009. AXA IM employs nearly 3000 people around the world, operating out of 22 countries. |
|
This press release is as dated. This does not constitute a Financial Promotion as defined by the Financial Services Authority and is for information purposes only. Past performance is not an indication of future returns. No financial decisions should be made on the basis of the information provided. |
|
|