The Royal Bank of Canada (RBC) has entered UK's structured products retail market as the counterparty of the latest Prima Platinum Plan from Meteor Asset Management.
"This is a reflection of the significant investment RBC has made in its European Equities franchise over the last two years. It is a natural next step for us in bringing the combination of RBC's strong AA rating, and best-in-class structured investments offering to UK clients," RBC's head of UK, Ireland & Offshore, retail and private banks sales, Paul Adams (pictured), told SRP. "We have been gearing up to access the UK's retail space for a while, and this is our first CGT product into the UK."
Prima Platinum Plan 16 is a five-year 50% soft-protected product linked to the performance of an index basket comprising the FTSE100 and the S&P500. The product is based on a knockout payoff and will pay 10% per period elapsed for each anniversary in which both indices are at or above their strike levels.
"We now have the capabilities and the technology to service Plan Managers in the UK and leverage our incredibly flexible issuance programme," Adams added. "We are in close talks with many other UK providers and expect to become a regular issuer. We are looking forward to bringing RBC's service and strength to UK clients on a consistent basis."
The product will be available until 25 April. Minimum investment is £10,000