Ex-CQS portfolio manager resurfaces at Axa IM
A former European leveraged loan portfolio manager who left CQS in July 2018 has resurfaced at Axa Investment Management

Don’t get too comfortable. The truth is there are hundreds of things that could be catalysts for a sell-off
Just because there’s no obvious sign of a sell-off, doesn’t mean it’s not going to happen. Often, market moves defy logic

‘Buying the dip’ is going to be a poor investment strategy when the next downturn comes
The next credit downturn will be shallower but more prolonged than the last, so what works will be different, too

Attack is the best form of defence
Yes, idiosyncratic risks are creeping into corporate credit. But speakers at Creditflux’s CLO Summit were convinced that the most creative firms will be able to thrive without taking on additional risk

Direct lenders seek flexibility as leverage facilities disperse
European direct lending funds are frequently taking on leverage, and with some of these facilities topping €1 billion, leverage providers are looking to syndicate their exposures among other banks.

Points up front: There are lies, damn lies and awards pitches
We’re hearing empty boasts, trash talking of their rivals and no shortage of promises that will absolutely be delivered.

CLOs wrestle back control of the European loan market
The share of European loans bought by CLOs is now larger than those acquired by loan managed accounts and hedge funds, according to a research paper by Barclays.

Managers amend CLO structures amid refinancing ripple
CLO managers have deployed various measures to keep their deals ticking amid a European refinancing wave.

Fund performance: Long-short funds rule in October as CLO funds struggle
A round-up of fund performance

Ucits at a glance: Ucits continue to chart a steady course

CLOs at a glance: innovations arrive as year draws to close

Big firms better prepped for Libor change and less operationally exposed, survey finds
The largest financial organisations are further ahead with their Libor transition efforts, and are likelier to move into 2020 with 'greater confidence' than small and mid-size firms, according to a market survey

Ucits at a glance: ucits continue to chart a steady course

Euro loan trading: CLOs hang up on top speed-dial contact
Telco Altice, the most prevalent holding for European CLOs, became the most sold issuer of the month, but ION Corporates was the most popular 

CIFC beefs up investor relations team in London with two hires
CIFC Asset Management has hired from Muzinich and Murano in a bid to strengthen its European investor relations effort

S&P acquires ESG rating business from RobecoSam
S&P Global has acquired an ESG ratings business from RobecoSam, according to an announcement. The acquisition includes that of SAM Corporate Sustainability Assessment (CSA), an evaluation tool.

Azimut hires ex-Dyal official as it aims to buy minority equity in asset managers
Azimut will initially focus on acquiring minority stakes in alternative asset managers with under $3 billion AUM – including private credit, private equity, infrastructure and real estate firms

Finnish life insurer assembles European loan investment business
The firm has brought over a loan portfolio manager from parent company Sampo Group to head the new unit and added a former Deutsche Bank official 

Western to launch European loan business after hiring portfolio manager
Western Asset Management is launching a European corporate loan business after hiring an experienced credit portfolio manager with a background rooted in the CLO industry

Investors increasingly see ESG as fiduciary duty, State Street survey reveals
North American investors are most likely to view ESG as a fiduciary duty, while European investors are driven by regulation, performance and reputational risk, according to results from a survey conducted by State Street Global Advisors

Established firms say managers new to European CLOs will struggle to attract assets
New managers making their way in the European CLO market may have a fight on their hands, with sources noting the difficulty these firms face in getting sizeable allocations.

We didn’t take full advantage of volatility

The ideal home for a loan

Managers dispel myth that lenders can’t influence ESG
There’s a growing belief among credit fund managers that they can influence borrowers to take on ESG-friendly practices, contrary to the widely-accepted notion that the business practices of companies are dictated by their private equity owners.