Eleven years ago, AXA Investment Managers (IM) was one of the first firms to launch a European CLO, and through the most recent financial crisis, when so many new entrants to the European CLO space found it impossible to stay in business, its products were among the few survivors.

Now, the investment manager has taken a new route, that of the global, open-ended funds—a product that Jean-Philippe Levilain, AXA IM’s Paris-based head of leveraged finance (which consists of a platform of 17 professionals dedicated to leveraged loans), believes will eventually come to replace CLOs as Europe’s dominant institutional investor.

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