Core Investments Market Sounding Process

In 2019 AXA IM established a new operating model bringing together core Fixed Income, Framlington Equities and Multi-Asset platforms to form part of Core Investments. Following this alignment and in the context of EU Market Abuse Regulation (MAR), Core Investments is communicating an update to the way we interact with brokers when it comes to market soundings.

The purpose of this letter is to provide information on how your Firm must approach Core Investments (primarily Framlington Equities and Fixed Income) with regards to market soundings globally. We request your cooperation in respecting the updated process as outlined below. 

 

From 20 April 2020, Core Investments ask that all market soundings are directed to the Core Investments Market Sounding Coordination Team via email at Coreinvestmentsmarketsounding@axa-im.com. The team acts as a gatekeeper between AXA IM investment teams and brokers for all market sounding contact requests and is responsible for coordinating the interest in the information internally before coming back to the broker. The team will accept wallcrossing terms/compliance scripts as persons authorised by AXA IM to act as Market Sounding Recipients and consent to receiving inside information to facilitate the marketing sounding of Portfolio Managers.

Please do not contact Fund Managers directly about market soundings without first obtaining permission from the Core Investments Market Sounding Coordination Team.  Please note that permission will need to be obtained separately for each market sounding.

 

The process for approaching Core Investments with market soundings is divided into two steps:

Step 1 - Scoping:

When contacting the Core Investments Market Sounding Coordination Team, you will be asked to confirm whether your firm considers the information you intend to share to be:

i) A market sounding in scope for MAR

ii) Inside Information

iii) For the attention of Framlington Equities or AXA IM Fixed Income

 

Framlington Equities

A)    If IPO related and the answer to both i) and ii) is NO:

Your firm will be asked to confirm the following to us:

  1. Has a request for admission to trading on a regulated market / MTF or OTF been made?
  2. Is the intention to IPO stated publicly?
  3. Are there any financial instruments to which this sounding relates (e.g parent company, listed debt etc..) that are publicly listed?

Based on the responses we’ll either confirm you can contact any PM you wish – or take this through our process to formally track the information disclosed as per our standard Market Sounding process.

 

B)    If answer to either i) or ii) is YES:

Your firm will be asked to confirm the following to us:

  • Issuer Name(s):
  • ISIN(s) (if applicable):
  • Bloomberg Ticker(s):
     
  • Type of request: e.g. Placing/Capital Raise, IPO, Sale or acquisition etc.
     
  • Region: Continental Europe (excluding UK), UK, North America, Developed Asia (including Japan), Emerging Markets (Asia), Emerging Markets (EMEA), Emerging Markets (Latin and South America);
     
  • Company size: Small Cap, Mid Cap, Large Cap;
     
  • Sector/industry: Energy, Material, Industrials, Consumer Discretionary, Consumer Staples, Healthcare, Financials, Information Technology, Telecommunication Services, Utilities, Real Estate;
     
  • Cleansing period: Expected announcement date.

 

Fixed Income

(Excluding High Yield -  for all high yield related soundings please contact AXAFIEURHYMarketSounding@AXA-IM.com)

Your firm will be asked to confirm the following to us:

  • Issuer Name(s):
  • ISIN(s) (if applicable):
  • Bloomberg Ticker(s):
     
  • Region: Continental Europe (excluding UK), UK, North America, Developed Asia (including Japan), Emerging Markets (Asia), Emerging Markets (EMEA), Emerging Markets (Latin and South America);
     
  • Fixed Income Area: Covered, Financial, Industrial, Quasi & Foreign Government, Securitized, Sovereign;
     
  • Maturity:
     
  • Cleansing period: Expected announcement date.

 

Step 2 – Approval to contact Portfolio Managers:

The Coordinator will revert to you with the names of the Core Investments portfolio managers interested in and permitted to receive the market sounding. You may at this stage contact the named Portfolio Manager(s) directly. Please ensure that no inside information is communicated without the Portfolio Manager’s consent.

Please contact the Core Investments Market Soundings Coordination Team in case of questions.

 

Fixed Income High Yield Team Contacts

High Yield: AXAFIEURHYMarketSounding@AXA-IM.com

This document is strictly private, confidential and personal to its recipient and should not be copied, distributed or reproduced.

This document is issued in the UK by AXA Investment Managers UK Limited (“AXA IM UK”), with its registered office at 7 Newgate Street, London, EC1A 7NX and registered in England and Wales with company no 01431068. AXA IM UK Limited is authorised and regulated by the Financial Conduct Authority (FRN: 119368).

This document and the information in it does not constitute financial or regulatory advice. It is also not a substitute for other professional advice. This document does not form part of any contract for the sale or purchase of any investment. This document is not either a recommendation to sell or purchase any investment and does not form part of any contract for the sale or purchase of any investment.

AXA Investment Managers Paris
This material is published for informational and regulatory purposes only.
Tour Majunga - 6, place de la Pyramide - 92908 Paris - La Défense cedex – France
Portfolio Management Company, holder of AMF approval no. GP 92-08, issued on 7 April 1992
A French corporation (Public Lim ited Company) with capital of euros 1,384,380 RCS Nanterre 353 534 506