SRP Europe Personality of the Year 2026: Clément Lemaire

The recognition reflects a decade of work building IRBIS into a prominent independent broker in the French structured products ecosystem, while promoting transparency, diversification and education across the market.

I had heard about structured products during my studies, but once I started working with them I realised how dynamic and innovative the sector was

In conversation with SRP, Lemaire discusses his unusual route into finance, the evolution of the French structured products industry and the lessons he has learned along the way.

From competitive sport to capital markets

Lemaire’s path into structured products was anything but conventional.

Raised in southwest France and educated at a business school in Bordeaux, he initially balanced two ambitions: academic studies and a promising career as a competitive golfer.

“I was a high-level competitive golfer and came very close to turning professional,” he recalls. “For several years, I was juggling two paths – competing at the highest level in golf while continuing my studies.”

At the end of his studies, he opted to pursue a career in finance, discovering a passion for capital markets that would shape the rest of his professional journey.

His first role was at an asset manager in Bordeaux, where he gained exposure to equity and bond markets as well as the broader French savings ecosystem. The experience introduced him to the networks of insurers, private banks and wealth managers that form the backbone of retail investment distribution in France.

It was during this period that Lemaire encountered structured products – a segment that quickly captured his interest.

“I had heard about structured products during my studies, but once I started working with them I realised how dynamic and innovative the sector was,” he says.

After joining a firm specialising in structured solutions, a meeting with industry veterans proved pivotal. Two former professionals from Société Générale who had previously helped establish the French office of Morgan Stanley were building an independent brokerage platform. Lemaire joined them in the early stages of what would become IRBIS.

“We are celebrating our tenth anniversary this year,” he notes. “My career in structured products grew through the people I met and the interest I developed in the sector. It is an industry I truly enjoy – I still wake up with the same enthusiasm I had on my first day.”

Despite building his career in Paris, Lemaire retains strong ties to his origins.

“I’m a product of southwest France,” he says with a smile. “Golf, surfing, the outdoors – that culture has always been part of who I am.”

A maturing French structured products market

Over the past decade, Lemaire has witnessed a significant transformation in the French structured products landscape.

“In France, we have seen a real professionalisation of the industry,” he explains. “That development has gone hand in hand with improving financial literacy among retail savers.”

Historically, French households have favoured low-risk savings vehicles with daily liquidity, particularly bank deposits and the well-known fonds en euros offered within life insurance contracts. Today, however, investors are gradually becoming more comfortable with market exposure and long-term investing.

“We are seeing savers who want to take more risk and understand the importance of investing over time,” Lemaire says.

A key driver has been the rise of professional wealth advisers and independent wealth management firms, which provide more tailored guidance and ongoing client support. At the same time, digital tools and investment platforms have made financial markets more accessible to retail investors.

According to SRP data, the French structured products market has expanded steadily since the pandemic. Sales volumes exceeded €75bn in 2025, representing a record year for the market and an increase of more than 6% compared with 2024.

Equity indices and interest rate-linked products account for the majority of issuance, while autocallable structures remain the dominant product type.

As an independent broker, IRBIS focuses on enabling distributors and investors to diversify issuer exposure while ensuring better long-term monitoring of products.

Another important step for the market has been the creation of France Produits Structurés, an industry association designed to promote the asset class and strengthen dialogue with regulators and other stakeholders.

“Our role is primarily educational,” Lemaire says. “We want to encourage transparency and improve understanding of structured products among investors.”

The role of structured products in French savings

Despite strong growth, Lemaire believes the structured products market still has considerable room to expand.

“In the current political and economic environment, investors are looking for visibility and clarity,” he says. “Structured products are one of the few investment solutions that can provide a clear performance scenario alongside transparency about how the mechanism works.”

At the same time, the industry is witnessing a broader shift towards passive and rules-based investment approaches, including ETFs and index-tracking strategies.

Within this environment, Lemaire argues that structured products offer a distinctive advantage: a contractual investment framework.

“A structured product is essentially a contract, much like a life insurance policy,” he explains. “It defines the duration, the underlying asset, the return profile and the risk. These four pillars create visibility for the investor.”

With significant savings still held in low-yielding bank accounts or conservative insurance funds, he believes many French savers will eventually seek more dynamic investment options to protect their purchasing power in an environment shaped by inflation and changing interest rates.

“Structured products will play an increasingly important role because they provide that balance between potential return and defined risk parameters,” he says.

Advice for the next generation

For those considering a career in structured products, Lemaire emphasises ambition and resilience.

“It’s a challenging industry, particularly at the beginning,” he says. “You need motivation and a real appetite for hard work.”

He recommends that young professionals look for firms that provide clear career development opportunities and strong training environments.

“There are two paths: joining an independent firm or starting at a bank,” he explains. “Banks are excellent places to learn the fundamentals of the industry.”

Ultimately, success comes down to determination.

“You need ambition,” he says. “It is a competitive market, and you have to work hard to carve out your place.”

Switching off

Away from financial markets, Lemaire remains closely connected to the sport that nearly became his career.

“I still play golf at a very high level in France,” he says. “I’m also captain of the first team at my club in Bordeaux, which competes in the French top division.”

He remains a registered player with his home club and continues to spend as much time as possible outdoors.

“Golf and surfing are two real pillars for me,” he says. “They help me stay balanced.”

Click the link to read the French translation of the interview with Clément Lemaire.

---

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