Biography
Axel Cabrol joined TOBAM in June 2016 as a credit portfolio manager from Butler Investment Advisory where he co-managed the WB Opportunities Fund, a long-short credit fund invested in European corporate high-yield bonds. Prior to that, he spent two years at Barep AM, managing the Barep Global Credit Fund in the same four portfolio managers team. From 2003 to 2005, he traded European government bonds at Caisse des Depots (CDC) and from 2005 IG bonds for one year. Cabrol graduated in 1999 from ENSAE (leading French engineering school) with a concentration in statistics, actuarial studies, finance, and artificial intelligence and has a post-graduate degree in statistics (with high distinction) from Université Pierre et Marie Curie, Paris VI.
The race for scale among active managers in response to low-cost ETF competition may be self-defeating.
What are the effects of buy-side concentration on the structure of the corporate bond market?