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Michel Fryszman: Axa is taking on complex risk |
The latest listed first-loss ABS investment vehicle was due to launch at the end of April, adding to the growing number of such vehicles now hoping to exploit the change in regulatory capital arbitrage treatment of these tranches. The European Equity Tranche Income Fund (EETI) joins two other recent launches – Caliber Global Investment and Queens Walk Investment – in focusing primarily on RMBS equity. To be managed by specialized structured finance investment manager Ocean Capital Partners, it will be roughly €100 million in size and be listed on London junior market AIM and Channel Islands exchange CISX.
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