Latest news with #AXAIM
Yahoo
24-07-2025
- Business
- Yahoo
Volta Finance Limited - Net Asset Value(s) as at 30 June 2025
Volta Finance Limited (VTA / VTAS)June 2025 monthly reportNOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES Guernsey, July 24, 2025 AXA IM has published the Volta Finance Limited (the 'Company' or 'Volta Finance' or 'Volta') monthly report for June 2025. The full report is attached to this release and will be available on Volta's website shortly ( Performance and Portfolio Activity Dear Investors, In June, Volta Finance achieved a net performance of +0.4% bringing the cumulative performance from August 2024 to date to +11.2%. Both the CLO Debt and CLO Equity assets of the Volta Finance portfolio delivered positive returns, in the context of a positive momentum across credit markets after the volatility induced by tariffs. June marked a return to a 'risk on' environment, with strong gains in U.S. equity markets amid significant weakening of the US Dollar. This shift was fuelled by easing trade tensions and moderating inflation. Despite inflation levels being close to target, the Fed decided to keep interest rates unchanged at 4.25%-4.50% during their June meeting while elaborating on the unpredictable effects of Trump's tariffs. In Europe, sentiment was mixed, with major indices ending the month flat. The ECB cut rates by 25 basis points while Christine Lagarde signalled a likely pause in future rate cuts. This easing comes as the eurozone inflation has returned to the central bank's target of 2%. However, significant uncertainties still loom as we enter summer. Only a handful of countries reached agreements with their U.S. counterparts and the approaching deadline could trigger further disruptions notably in supply chains. The sudden escalation of the Iran/Israel situation, culminating in the U.S. bombings of Iranian nuclear facilities, also raised concerns regarding the stability of the region and added disruptions to oil supplies. This led to a spike in crude oil prices and increased interest in traditional safe-haven assets although they retraced by the end of the month due to a temporary resolution of the conflict. Credit markets shrugged those worries off and hedged close to the tightest levels experienced over the last year. For instance, the European High Yield index (Xover) settled at 283bps (from 300bps), close to the 280bps resistance level. On the Loan side, Euro Loans closed roughly unchanged at 97.70px (Morningstar European Leveraged Loan Index) while US Loans closed c. 40c up at 97.00px. Primary CLO levels moved sideways across all rated tranches, providing stability and the right environment for CLO formation. In terms of performance, US High Yield returned +1.9% over the month while Euro Loans were up +0.13% and US Loans +0.80%. The median CCC assets exposure in CLO portfolios remained stable at 4.5% in the US, slightly above the exposure of European CLOs to CCCs (4.1%). Loan maturity walls continued to transition towards 2030 and beyond, with the next significant refinancing deadlines in 2028 and 2031 in the US, while loan recoveries remained significantly higher than bonds at approximately 62% vs 48%. In terms of activity, the month was particularly busy as we faced some CLO debt redemptions (€4.8m) and actively replaced risk to maintain overall risk exposure unchanged. We purchased BB (600bps context), single-B (up to 900bps) and Equity risk from both the Primary and Secondary markets. Cash stood at 11% at the end of the month. Volta Finance's cashflow generation was slightly up at €28.3m equivalent in interests and coupons over the last six months, representing close to 21% of June's NAV on an annualized basis. Over the month, Volta's CLO Equity tranches returned +1.6%** while CLO Debt tranches returned +1.0% performance**. The EUR/USD move to 1.18 had an impact on our long dollar exposure in terms of performance (0.4%). As of end of June 2025, Volta's NAV was €273.0m, i.e. €7.46 per share. *It should be noted that approximately 0.14% of Volta's GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta's NAV has already been published. Volta's policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta's appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 0.07% as at 30 May 2025, 0.07% as at 31 March 2025. ** 'performances' of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket. CONTACTS For the Investment ManagerAXA Investment Managers ParisFrançois +33 (0) 1 44 45 80 22 Olivier (0) 1 44 45 87 30 Company Secretary and AdministratorBNP Paribas S.A, Guernsey +44 (0) 1481 750 853 Corporate BrokerCavendish Securities plcAndrew WorneDaniel Balabanoff+44 (0) 20 7397 8900 ***** ABOUT VOLTA FINANCE LIMITED Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange's Main Market for listed securities. Volta's home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands. Volta's Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO's and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets. ***** ABOUT AXA INVESTMENT MANAGERSAXA Investment Managers (AXA IM) is a multi-expert asset management company within the BNP Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,800 professionals and €859 billion in assets under management as of the end of June 2024. ***** This press release is published by AXA Investment Managers Paris ('AXA IM'), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the 'AIFM Directive') of Volta Finance Limited (the "Volta Finance") whose portfolio is managed by AXA IM. This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are 'U.S. persons' for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the 'Securities Act'), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States. ***** This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the 'Order') or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as 'relevant persons'). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance. *****This press release contains statements that are, or may deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "anticipated", "expects", "intends", "is/are expected", "may", "will" or "should". They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance's investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance's actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements. Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved. The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM's belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results. The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such. Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide - 92800 Puteaux. AXA IMP is authorized by the under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive. ***** Attachment Volta - Monthly report-June 2025Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
05-07-2025
- Business
- Yahoo
BNP Paribas Cardif closes acquisition of AXA IM
BNP Paribas Cardif has completed the acquisition of AXA Investment Managers (AXA IM), enabling the creation of a major European asset management platform that oversees over €1.5tn ($1.76tn) in client assets. This move includes a long-term partnership with the AXA Group, allowing BNP Paribas Cardif to manage a significant portion of AXA's assets. In December 2024, BNP Paribas Cardif signed a share purchase agreement to acquire AXA IM in a deal valued at around €5.1bn ($6.40bn). The acquisition is said to establish BNP Paribas Group as the leading manager of long-term savings for insurers and pension funds in Europe, with approximately €850bn ($1tn) under management. Additionally, the group aims to excel in private asset fund collection and become one of Europe's top providers of exchange-traded funds (ETFs). By integrating the expertise of AXA IM, BNP Paribas Asset Management, and BNP Paribas REIM, the new platform will offer a diverse range of traditional and alternative assets, enhanced global distribution and improved innovation capabilities It will leverage AXA IM Alts' leadership in private assets, a critical growth area for both institutional and individual clients. This acquisition marks an advancement for the BNP Paribas Group's Investment and Protection Services (IPS) division. The platform will utilise the group's integrated model, collaborating closely with its commercial, personal banking and services (CPBS) and corporate and institutional banking (CIB) divisions through the 'originate to distribute' strategy. BNP Paribas director and CEO Jean-Laurent Bonnafe said: 'This acquisition is an important moment for the entire BNP Paribas Group. We are delighted to welcome the AXA IM teams, who will find within the BNP Paribas Group a strong culture of customer service as well as ambitious growth and innovation prospects. 'These are teams with recognised and complementary expertise that will build together a European industrial project to better serve our clients.' Joint working groups with AXA IM are already in place to develop a shared roadmap focusing on offerings and services, which will be presented to employee representative bodies. A proposed merger of the legal entities of AXA IM, BNP Paribas AM, and BNP Paribas REIM into the new platform under BNP Paribas Cardif is currently under consultation with employee representatives. Sandro Pierri, CEO of BNP Paribas AM, will lead the group's asset management activities, while Marco Morelli, executive chairman of AXA IM, will chair these activities for the BNP Paribas Group. "BNP Paribas Cardif closes acquisition of AXA IM" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Zawya
01-07-2025
- Business
- Zawya
BNP Paribas completes AXA IM acquisition, in talks with supervisors on capital hit
LONDON - BNP Paribas said on Tuesday it had completed the takeover of AXA Investment Managers, creating one of the five biggest asset managers in Europe, and was still discussing with supervisors the hit to its capital ratio after regulators previously opposed it using a favourable capital treatment. The new combined entity manages more than 1.5 trillion euros in assets, ranking behind European rivals Amundi, UBS Asset Management, and Allianz (including PIMCO), following last year's 5.1 billion-euro ($6 billion) acquisition of AXA's investment management unit by the French bank. The acquisition allows BNP to manage long-term savings for insurers and pension funds with around 850 billion euros in assets, while also positioning the bank among the main exchange-traded funds (ETFs) providers in Europe and targeting growth in private asset investments, it said in the statement. BNP expected regulators would let the deal through with minimal effect on the bank's capital because it was buying AXA IM through its insurance business, Cardif, to make use of a treatment known as the "Danish Compromise" - which allows lower capital requirements for banks that own insurance units. But an assessment earlier this year from the European Central Bank tempered those expectations, leading to a greater hit to BNP's capital than the lender had initially priced in, sources said at the time. BNP subsequently cut its forecast for returns from the deals, and on Monday reiterated those lower return projections. BNP also confirmed that the hit on the group's common equity tier 1 (CET1) ratio would be around 35 basis points - worse than the 25 bps it had initially expected - and that discussions with supervisory authorities were ongoing. The bank said it would provide an update on the progress of the deal when it publishes third-quarter results on October 28. Sandro Pierri, CEO of BNP Paribas Asset Management, will lead the group's asset management business while Marco Morelli, current Executive Chair of AXA IM, will become its chair, BNP added in its statement. ($1 = 0.8487 euros) (Reporting by Tommy Reggiori Wilkes and Mathieu Rosemain; Editing by Emelia Sithole-Matarise and Louise Heavens)
Business Times
01-07-2025
- Business
- Business Times
BNP Paribas completes 5.1 billion-euro acquisition of AXA Investment Managers
[LONDON] BNP Paribas said on Tuesday (Jul 1) it had completed the takeover of AXA Investment Managers, creating one of the five biggest asset managers in Europe, and was still discussing with supervisors the hit to its capital ratio after regulators previously opposed it using a favourable capital treatment. The new combined entity manages more than 1.5 trillion euros in assets, ranking behind European rivals Amundi, UBS Asset Management, and Allianz (including PIMCO), following last year's 5.1 billion-euro (S$7.7 billion) acquisition of AXA's investment management unit by the French bank. The acquisition allows BNP to manage long-term savings for insurers and pension funds with around 850 billion euros in assets, while also positioning the bank among the main exchange-traded funds (ETFs) providers in Europe and targeting growth in private asset investments, it said in the statement. BNP expected regulators would let the deal through with minimal effect on the bank's capital because it was buying AXA IM through its insurance business, Cardif, to make use of a treatment known as the 'Danish Compromise' – which allows lower capital requirements for banks that own insurance units. But an assessment earlier this year from the European Central Bank tempered those expectations, leading to a greater hit to BNP's capital than the lender had initially priced in, sources said at the time. BNP subsequently cut its forecast for returns from the deals, and on Monday reiterated those lower return projections. BNP also confirmed that the hit on the group's common equity tier one (CET1) ratio would be around 35 basis points – worse than the 25 bps it had initially expected – and that discussions with supervisory authorities were ongoing. The bank said it would provide an update on the progress of the deal when it publishes third-quarter results on Oct 28. Sandro Pierri, CEO of BNP Paribas Asset Management, will lead the group's asset management business while Marco Morelli, current Executive Chair of AXA IM, will become its chair, BNP added in its statement. REUTERS
Reuters
01-07-2025
- Business
- Reuters
BNP Paribas completes AXA IM acquisition, in talks with supervisors on capital hit
LONDON, July 1 (Reuters) - BNP Paribas ( opens new tab said on Tuesday it had completed the takeover of AXA Investment Managers and was still discussing with supervisors the hit to its capital ratio after regulators previously opposed it using a favourable capital treatment. The French bank last year embarked on the 5.1 billion euro ($6 billion) purchase of AXA's investment management unit. It said on Tuesday the deal would create a business with 1.5 trillion euros in assets under management. BNP expected regulators would let the deal through with minimal effect on the bank's capital because it was buying AXA IM through its insurance business, Cardif, to make use of a treatment known as the "Danish Compromise" - which allows lower capital requirements for banks that own insurance units. But an assessment earlier this year from the European Central Bank tempered those expectations, leading to a greater hit to BNP's capital than the lender had initially priced in, sources said at the time. BNP subsequently cut its forecast for returns from the deals, and on Monday reiterated those lower return projections. BNP also confirmed that the hit on the group's common equity tier 1 (CET1) ratio would be around 35 basis points - worse than the 25 bps it had initially expected - and that discussions with supervisory authorities were ongoing. The bank said it would provide an update on the progress of the deal when it publishes third-quarter results on October 28. Sandro Pierri, CEO of BNP Paribas Asset Management, will lead the group's asset management business while Marco Morelli, current Executive Chair of AXA IM, will become its chair, BNP added in its statement. ($1 = 0.8487 euros)
