The Structured Products Association (SPA) established three months ago in the US has received an 'exceptionally enthusiastic' response from member firms, underscoring “the importance of a representative voice for this asset class within the financial community,” according to founding president and Societe Generale director Keith Styrcula.
The SPA, which is a trade body initially targeting investment banks, has added 200 members in the last five weeks, and expects a final membership of between 2,000 and 3,000.
"The SPA was formed to stay at the forefront of the growth projected in recent surveys," said Styrcula. "The SPA will develop best practices in the structured products industry and promote best-of-breed innovation in the asset class." Styrcula cited surveys from Ernst & Young/Merrill Lynch and Spectrem Group of Chicago, which hail structured products as the fastest growing alternative investment class among the world's wealthiest families.
Membership is free for a limited period and open to non-US firms, who can apply via the website www.structuredproducts.org