SRP in brief: defining the outcome

RBC Capital Markets bolstered its equity derivatives team in the US with two senior hires from UBS.

The Canadian bank has appointed Amir Heravi, former US equity flow derivatives trading head at the Swiss bank, and Jason Hedberg, former head of equity derivatives sales, also at UBS. Heravi will join RBC as managing director and global co-head of equity derivatives flow trading while Hedberg joins as global head of equity derivative sales.

There was also an appointment at J.P. Morgan Private Bank, which recruited Adrian Loh from Goldman Sachs to become the bank’s market head of investments and advice for Southeast Asia and head of Singapore solutions.

Based in Singapore, Loh reports to Ulysses Lau, head of investments and engagement for Asia and locally to Paul Thompson, managing director, head of Singapore and Southeast Asia at J.P. Morgan Private Bank. 

Bluebridge Asset Management entered the UK market to offer outcome-based investing for professional investors.

Led by Ryan Rogowski and Eric Bensoussan, two former Société Générale equity derivatives executives, the asset manager aims to ‘redefine the blueprint’ for defined outcome investing.

Our structured products are linked to the largest European companies, whose valuations we continue to find attractive - Julien Vautel, Hedios

In France, Hedios’ H Performance 58 was redeemed early at its first opportunity.

The 12-year structure – issued via BNP Paribas – expired after just one year with a gain of 20%, while its underlying benchmark, the Euro iStoxx 50 Equal Weight NR Decrement 5% EUR Index, increased by only 9.05% over the period.

“Our structured products are linked to the largest European companies, whose valuations we continue to find attractive," Julien Vautel, CEO at Hedios told SRP.

Hungarian investment company SPB collaborated with BNP Paribas for the launch of a six-year express certificate linked to three companies from the technology sector: Alphabet, Amazon and Microsoft.

The product is the 26th certificate marketed by SPB in Hungary since 2022, but despite this they are not among the company’s core products, instead acting more like a “door-opener and for diversification”, according to the company’s deputy CEO Sven Doernbrack.

Over in Asia, Maybank entered the covered warrants market in Vietnam by listing 10 warrants on the Ho Chi Minh Stock Exchange while in Hong Kong, Hang Seng Bank-linked structured products are at crossroads amid HSBC’s buyout proposal. 

Also in Hong Kong, UBS was reprimanded and fined HK$8m (US$1.03m) by the Securities and Futures Commission of Hong Kong (SFC) for its ‘failure to ensure accurate classification of professional investors.

The financial watchdog’s investigation found the bank verified its clients’ professional investor status by an automated process, which was based upon the bank’s ‘misinterpretation of the minimum portfolio requirement’ under the SFC rules for certain types of joint client accounts between 2009 and July 2022.

In Taiwan, structured notes issuance in Q3 2025 registered a 1.4-fold year-on-year increase, with DBS, BNPP and HSBC the leading providers.

There was also plenty of news on exchange-traded funds (ETFs) and exchange-traded products (ETPs).

GraniteShares launched two new ETFs, linked to Alibaba and Meta, respectively, as part of its YieldBoost range; Defiance expanded its single stock ETF suite with three long exposure funds; and Fidelity International introduced the Fidelity Global Equity Research Enhanced PAB Ucits ETF on Deutsche Börse Xetra. The latter marks Fidelity’s first equity research enhanced offering within the Paris aligned benchmark (PAB).

ETPs were issued by Valour, which listed Valour Sky (SKY) SEK ETP on Sweden’s Spotlight Stock Market, bringing its total number of listings to 100 for the year, while CSOP Asset Management launched the CSOP SK hynix Daily (2x) Leveraged Product on the Hong Kong Stock Exchange, marking the world’s only leveraged ETP tracking SK Hynix.

As of 10 October 2025, a notable share of Stellantis-linked structured products has breached their knock-in (KI) barriers, reflecting the impact of the recent correction in global equities, according to research from SRP’s Nikolay Nikolov.

Nikolov reviewed 2,300 live structured products linked to the Stellantis stock and analysed downside sensitivity and protection levels.

Finally, the Morningstar Global Wide Moat VC 7 Index, which was recognised as the ‘Best Proprietary Index’ at the SRP Americas 2025 Awards in September, is packaged within a model concept alongside other exposures like the S&P 500 and Nasdaq, that have been favoured strategies, especially in the annuity space.

“With international markets outperforming the US in 2025, the launch of a global index was particularly relevant,” Neil McAllister, head of derivatives products Americas at Morningstar Indexes told SRP.

_{Image: Denphumi/Adobe Stock.}

---

Do you have a confidential story, tip or comment you’d like to share? Contact Us | SRP (structuredretailproducts.com)